Purchase of Iowa Premium by National Beef Completed

June 12, 2019 03:07 PM
 
National Beef, the fourth largest beef packer in the U.S., has announced that the company's purchase of Iowa Premium has been finalized.

The sale of Iowa Premium, LLC, a beef packing company in Tama, Iowa, to National Beef Packing Company, LLC, has been finalized. The purchase was formally announced by National Beef on June 10.

The acquisition of Iowa Premium, also known as Iowa Premium Beef, was first made public in March. The sale was pending a customary waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. National Beef is the fourth largest beef packing company in the U.S. and has a majority of its shares owned by Brazilian meat packer Marfrig Global Foods.

The addition adds another 1,100 head per day harvest capacity for National Beef. Prior to this National Beef was harvesting 12,000 head per day at two other packing plants in Dodge City and Liberal, Kan.

After the purchase was first announced there was a request filed to U.S. Attorney General William Barr by Ranchers-Cattlemen Action Legal Fund United Stockgrowers of America (R-CALF USA) seeking to block the acquisition.

In the request R-CALF USA expressed concerns that the purchase would reduce competition for fed cattle regionally and accused Marfrig of attempting to “swallow up America’s critical food production facilities.” It appears that the request by R-CALF USA did not halt the purchase from being approved as National Beef expected the sale to close late in the second quarter of 2019.

The former Iowa Premium beef packing plant processed primarily Angus fed cattle purchased primarily in Iowa and surrounding states in the Midwest. The plant specialized in marketing USDA Choice and Prime grade beef.

National Beef plans expand processing operations at the plant and expects to employ more than 850 people. Prior to the purchase National Beef employed approximately 8,400 employees with further processing facilities located in five states with the company being headquartered in Kansas City, Mo. During the 2018 fiscal year, National Beef generated $7.5 billion in sales.

For more information about National Beef read the following articles:

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Spell Check

Dave
Auburn, IN
6/15/2019 07:02 AM
 

  What the He'll is wrong with this country? We might as well sell the hole damn country to China and Brazil, and destroy our food security

 
 
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