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Kansas City, MO., April 9, 2018 - National Beef Packing Company, LLC today announced that the owners of National Beef have entered into a membership interest purchase agreement with NBM US Holdings (“NBM”), an indirect subsidiary of Marfrig Global Foods S.A. under which NBM will acquire 51% of the outstanding ownership interests in National Beef. The operations and management of National Beef will remain unchanged with Tim Klein continuing as National Beef President and Chief Executive Officer upon completion of the transaction. The current owners of National Beef will continue as owners under the new structure.
The transaction is subject to certain limited conditions and will require customary regulatory approvals. It is expected to close in the second quarter of 2018.
“The acquisition of a majority interest in National Beef represents a unique opportunity for us,” said Marcos Molina, Chairman of Marfrig and Martín Secco, CEO of Marfrig. “With this transaction, we will have operations in the world’s two largest beef markets, will gain access to extremely sophisticated consumer countries and will be able to grow while maintaining rigorous financial discipline. We’re enthusiastic to be part of this successful history and looking forward to join the National Beef team.
“National Beef is an outstanding company and we are excited to continue our partnership with Tim Klein and the rest of the National Beef team”, said Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia. “We are also pleased to welcome Marfrig as a partner in the company and believe the expanded partnership group will only enhance National Beef’s ability to serve its customers on a global basis.”
Tim Klein, President and CEO of National Beef added, “I am excited to welcome the Marfrig group as a partner in National Beef. Their broad global food platform will further strengthen our efforts to build our brand in new and existing markets as the demand for high quality U.S. beef grows. This transaction will be transparent to our valued employees, suppliers and customers.”
About Marfrig Global Foods
Marfrig Global Foods, one the world’s leading producers of animal protein, is formed by its Beef and Keystone divisions. Marfrig has 50 production, sales and distribution units in 12 countries. The Beef Division is one of world's largest beef producers, Brazil's second‐largest beef operation, Uruguay's leading beef processor and Chile's largest beef importer, where it also processes lamb. With 31 plants in Brazil, Uruguay and Chile, the Beef Division has the capacity to process up to 4.7 million head of cattle. The Keystone Division is one of the world’s leading producers of processed animal protein products. The company operates 19 production units in the United States, China, Malaysia, Thailand, South Korea and Australia. Together, the two units sell around one million tons of food annually.
About National Beef
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; and St. Joseph, Missouri. National Beef, with approximately 8,200 employees, processes and markets fresh beef, case‐ready beef & pork, beef by‐products and wet‐blue leather for domestic and international markets. In fiscal year 2017, National Beef generated sales of $7.4 billion.