According to a regulatory document released Wednesday, Forrest and his family’s office has increased their stake in Juan, which trades in Sydney, from 7.3% to 18.5%. The investment exemplifies Hyun’s advances in improving environmental practices in an industry with a “terrible” reputation, Forrest said in an interview.
The increase in stocks could challenge the JPS plan to buy Huyon as a way to enter the fish market. The beef company announced a $ 314 million deal last week, claiming it has the support of a majority of shareholders and is expected to close the deal by the end of this year, after approval by Australian authorities.
“We are always happy to invest in Juan,” Forrest told Bloomberg News. “When JBS joined, it accelerated the urgency because we know JPS – because we’re in the livestock industry.”
Forrest, known as the billionaire of iron ore company Fortesque Metals, has been active in the agribusiness business in recent years, buying Harvey Beef, one of the largest meat processors in Western Australia.
. With a doctorate in marine science, the entrepreneur entered aquaculture, acquired an oyster farm in Albany, Western Australia last year, and focused on marine conservation through his foundations, addressing issues such as fishing piracy and plastic pollution.
Forrest wants JBS to promise to improve environmental and livestock quality in salmon farming and comprehensive meat operations. In a statement issued by his family office, Tattarang, he outlined the steps to be taken by the new Huon regulator to adopt standard practices in salmon farming.
This includes converting fish to fish food, producing completely carbon neutral and applying key animal health standards and practices.
‘No pain, no fear’
“The food industry is more than just making money,” Forrest said on the phone. “If your highest priority is not animal welfare, ‘no pain, no fear’ or if the highest priorities do not match the environment, we challenge you to do so,” he said, referring to 138 pages in the document of the acquisition agreement.
JBS Australia CEO Brent Eastwood responded to Forrest’s investment in Huan, sharing the company’s vision of “good business and good environment”. Eastwood said JBS will provide details of its commitment to animal welfare and environmental sustainability to all Huan partners when transaction documents are released.
One of the problems with aquaculture today is that they consume more fish than they produce, Forrest said.
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