The four CEOs of Cargill, Tyson Foods, JBS, and National Beef Packing have agreed to testify before Congress. Reuters says the meatpacker bosses will discuss cattle markets and price increases for consumers. House Ag Committee Chair David Scott says it’s important to find out why prices have dropped for ranchers and risen for consumers. “In addition to the CEO panel, …
Senators Call for National Security Review of Brazilian Acquisition of U.S. Beef Company
A group of U.S. Senators are calling for a national security review of the Brazilian acquisition of a U.S. beef company. Senator Chuck Grassley of Iowa, along with Ranking Senate Agriculture Committee Member Debbie Stabenow, and others, are urging the Committee on Foreign Investment to review the proposed purchase of National Beef Packing Company by Brazil’s Marfrig Global Foods. The …
Marfrig Becomes World’s 2nd Largest Beef Processor
It was announced this morning that Brazil’s Marfrig Global Foods has reached an agreement to acquire 51 percent of National Beef Packing Company for $969 million, thus making them the world’s second largest beef processor. According to a story from meat industry publication Meatingplace, Marfrig CEO Martín Secco said “With the transaction, we will have operations in the two largest …