USA

Marfrig continues to expand in the US by acquiring Iowa Premium

Mergers & Acquisitions

The deal is expected to close during the second quarter of 2019 and it is made through Marfrig subsidiary National Beef Packing Company.

Posted on Mar 13 ,12:48

Marfrig continues to expand in the US by acquiring Iowa Premium

National Beef, the fourth largest US beef packer, announced that is going to purchase Iowa Premium, a beef packing plant locate in Tarna, Iowa. The plant has a capacity of 1,100 head per day and is specialized in USDA Choice and Prime grade beef from Black Angus cattle purchased primarily in Iowa and surrounding states in the Midwest.
"I am excited to expand our beef operations with a processing facility in Iowa and we look forward to strengthening Iowa Premium’s relationships with the family farmers who produce the highest quality Black Angus cattle in the US. Iowa Premium fits perfectly with our value-based marketing strategy as we continue to provide our customers with the very best beef products and programs", Tim Klein, President and CEO, National Beef, said.
The deal still has to pass through the customary waiting period under the Antitrust Improvements Act but it is expected to close during the second quarter of this year. Last year, in a deal worth $969 million, Marfrig has bought 51% of National Beef increasing its global slaughter capacity to 8.3 million head.

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