JBS's Moy Park has a presence in Northern Ireland - but the new company will set up south of the boarder
The giant Brazilian food processing company, JBS, is to spin off its international businesses into a new entity based in the Republic of Ireland.
JBS is the parent company of Moy Park - the chicken processors who employ thousands in Northern Ireland - and it is the world's biggest beef producer.
The Irish News reports that Ireland's 12.5% corporation tax is believed to have been a significant factor in convincing the company to come to the 26 counties.
Northern Ireland has been granted to power to match Dublin's rate, but this will happen during April 2018 at the earliest.
The new firm will be listed on the New York Stock Exchange and will be called JBS Foods International.
According to the Wall Street Journal's reports, the firm is yet to decide on an exact location.
Moy Park is one of Northern Ireland's largest employers, it has created over 6,000 jobs.