From Chicken to Rockets, J&F's Batista Brothers Become Weapons Manufacturers with Avibras - Folha de S.Paulo

Brothers Joesley and Wesley Batista, owners of holding company J&F, will take control in October of Avibras, the country’s leading weapons manufacturer, following a crisis that led to the longest strike in Brazilian history. The deal, estimated at R$300 million, was closed on August 21 by Globe Investimentos, the Batista family office, which acquired control of the Brasil Crédito fund, the company’s owner. Avibras is not part of J&F.

Founded in 1961 by engineers from ITA in Jacareí, in the interior of São Paulo state, the manufacturer entered bankruptcy protection in March 2022, and its roughly 1,400 workers went on strike in September. Joesley, who does not comment on the matter, learned about the company through contacts in Indonesia and sought details from Defense Minister José Múcio Monteiro.

Bruno Dantas, who is stepping down as president of Brazil’s Federal Court of Accounts (TCU), will chair the board and oversee exports. President Sami Hassuani is expected to remain, although his plan may be revised.