Brazil meatpacker Marfrig (Marr-FRIG) Global Foods will purchase a controlling stake of U.S.-based National Beef Packing Company.
The $969 million agreement will hand over 51 percent of National Beef Packing to Marfrig Global and would create the world’s second-largest beef processor. The agreement was announced Monday. A leader in the U.S. beef industry, National Beef exports to 40 countries, including Japan, which is a market currently closed to beef exports from Brazil.
Founded in 1992, National Beef reported sales of $ 7.3 billion in 2017. National Beef says its operations and management will remain unchanged in the agreement, as Tim Klein will continue as National Beef President and Chief Executive Officer upon completion of the transaction. The transaction will require regulatory approvals. It is expected to close in the second quarter of 2018.