Marfrig-owned National Beef to buy Iowa Premium
March 15, 2019
KANSAS CITY, Missouri, March 11, 2019 – National Beef Packing Company, LLC (National Beef), today announced that it has approved a transaction that will result in it owning 100% of the ownership interests in Iowa Premium, LLC, (IP). The transaction is subject to customary conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in the second quarter of 2019.
Iowa Premium, located in Tama, Iowa employs over 800 people and processes approximately 1,100 head of Black Angus fed cattle per day. The company is well known for marketing high quality beef products worldwide under several proprietary brands including Iowa Premium Angus® and Est. 8 Angus®.
"I am excited to expand our beef operations with a processing facility in Iowa and we look forward to strengthening IP's relationships with the family farmers who produce the highest quality Black Angus cattle in the U.S.", said Tim Klein, President and CEO, National Beef, in making the announcement. "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."
About Iowa Premium:
Iowa Premium LLC, located in Tama, Iowa, processes corn-fed Black Angus beef raised on family farms in Iowa and its neighboring Upper Midwestern states. The company specializes in USDA Choice and Prime grade beef and offers a full line of boxed beef products for domestic and international markets.
About National Beef:
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National Beef Packing Company, LLC, based in Kansas City, Missouri, has operations in Liberal, Dodge City, and Kansas City, Kansas; Hummels Wharf, Pennsylvania; Moultrie, Georgia; North Baltimore, Ohio and St. Joseph, Missouri. National Beef, with approximately 8,400 employees, processes and markets fresh beef, beef by-products and consumer–ready products for domestic and international markets. In fiscal year 2018, National Beef generated sales of $7.5 billion. More information about National Beef is available at ww.nationalbeef.com.
–Editor's note: Marfrig, a Brazilian-owned international meat company owns 51 percent of National Beef.