This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Aug. 6, 2012 /PRNewswire/ -- Industrias Bachoco S.A.B. de C.V. ("
Bachoco" or "the Company") (NYSE: IBA; BMV:
Mexico's leading producer and processor of poultry and other food products, announced today:
Regarding the investigation about unfair practices in the form of price discrimination of chicken leg quarters imported to
the United States filed in
June 2010 by the following companies: Producto Agropecuarios de
Tehuacan, S.A. de C.V., Buenaventura Grupo Pecuario, S.A. de C.V. and
Bachoco, S.A. de C.V., the Ministry of Economy announced their final resolution on the case, through the Mexican Official Gazette of the Federation, which established these main points:
It confirmed the existence of dumping conditions and harm to the domestic poultry industry induced by the sale of chicken leg quarters into Mexico originating from the United States that were below production costs.
The Ministry imposed anti-dumping duties on imports of chicken leg quarters from the United States.
Penalties will not be applied temporarily, derived from the contingency on the Avian Influenza virus type A, subtype H7N3, until that situation normalizes.
The date for the application of these penalties will be announced via a notice published by the Mexican Ministry of Economy.
Bachoco and the other companies involved in this process, do not agree with the recommendation not to apply antidumping duties temporarily, since no justification is found not to do so, as:
Avian influenza H7N3, was contained and did not affect chicken producers.
Said antidumping duties will be applied exclusively to chicken leg quarters originating from the United States.
More than 80% of the chicken sold by Mexican producers, (mainly as whole chicken) will not be subject to anti-dumping duties.
The Company, as well as all other applicants, recognize the work done by the Ministry of Economy and the UPCI "Unit of International Trade Practices" in defending the rights of the Mexican poultry industry and ensuring equitable conditions throughout this long investigation and have spoken out to continue their efforts to stop the unfair competition and have true integration between the two markets, relying on the final application of anti-dumping duties, which allows the Mexican poultry industry to continue to create thousands of jobs, and benefits consumers by delivering high quality products at a fair price.