The Australian Competition and Consumer Commission (ACCC) has granted permission for Cargill Beef Australia and Teys Bros to move forward with proposed joint venture.
The merger of the two beef interests, still require approval from the Foreign Investment Review Board (FIRB) and foreign antitrust regulators before it can be finalized.
Brad Teys, CEO of Teys Bros, said, “we are pleased to be one more step closer in joining our business with Cargill. The new joint venture will give us the scale and flexibility to better service our domestic and export customers to grow our business. This will also help us to expand the number of foreign markets we are currently selling Australian beef.”
“Both Teys and Cargill are committed to keeping the plants that are operating today open after the merger. The combined business will make us more competitive in serving both our Australian and export customers,” explained Mr. Teys.
“Combining our businesses provides the experience, scope and scale to for us to build a world-class beef processing company and that translates into more job security for our employees and drives our growth for cattle from Australian producers,” stated Andrew Macpherson, managing director, Cargill Beef Australia.
Source www.foodingredientsfirst.com