THE parent company of Northern Ireland's largest firm Moy Park is to relocate its headquarters to Ireland - but will base itself south of the border.
Brazilian giant JBS is the world's biggest beef producer.
It has announced plans to spin off its international businesses to a new company based in the Republic.
And it is believed JBS is making the move in a bid to avail of the Republic's low level of corporation tax - currently 12.5 per cent.
Although the rate in the north is also set to be reduced to the same level, this is not due to happen until April 2018 at the earliest.
The new firm will be listed on the New York Stock Exchange and may even control its parent company.
The new business will be known as JBS Foods International and no decision has yet been made on where exactly it will be based, according to the Wall Street Journal.
The plans have been welcomed by the trade union representing Moy Park workers.
The poultry firm employs around 6,000 people across sites in Craigavon, Dungannon and Ballymena.
Unite officer Sean McKeever said it "must mean additional jobs and investment to follow".
"This is a company which reported a net income or profit of £918 million on revenues of £32.2 billion for the year ending December 2015; it employs more than 200,000 people worldwide," he said,
“Their proposed move comes less than a year after the Brazilian company acquired Moy Park, one of Northern Ireland’s largest employers, where Unite represents the overwhelming majority of workers."
He said that while the decision "may have been driven by the group’s desire to reduce corporation tax liabilities, we welcome moves which will allow a much greater degree of integration between the company’s international operation and their holdings in Ireland, in particular Moy Park".
"If approved by relevant agencies globally, the move would potentially result in tiers of management jobs coming to Ireland, as well as additional operational investment”, he added.
JBS controls a range of international meat firms including American meat processors Swift & Company and Pilgrim’s Pride.
The group bought Moy Park from another Brazilian firm Marfrig last year in a deal worth around £1bn.
Marfrig had initially acquired the company in 2008 and grew the business to a point where it chose Craigavon as the base for its European headquarters.
The sale to JBS formed part of its expansion into international markets which started in 2007.
The Moy Park acquisition however was its first foray into Europe.
Plans to reduce the rate of corporation tax in Northern Ireland were long fought for by business groups and politicians.
It is hoped the move will attract greater levels of foreign direct investment into the north in a similar fashion to that which has been experienced in the Republic.
Several big name global companies have set up in the south to avail of the low rate including Google, Facebook and eBay.
