J&F Investimentos SA, owner of meatpacking giant JBS, acquired a controlling stake in Alpargatas in November 2015 for a value of BRL2.67 billion (US$816 million). Alpargatas owns several footwear brands, including the celebrity famous Havaianas flip-flops, and represented American brand Timberland in Brazil until earlier this year. In a statement published on May 23, Heitor Klein, Executive-President, Abicalçados (the Brazilian Shoe Manufacturing Association, outlined the impacts of Brazil's national politics on the footwear sector. "In addition to the political crisis, which we hope will be resolved in a timely and fair manner, we have important and still uncertain economic impacts caused by the shocking plea bargain of one of the world's largest meat processors", said Klein.