July 7, 2011
ACCC Allows Cargill & Teys Beef Joint Venture to Move Forward
MINNEAPOLIS, July 7, 2011 /PRNewswire/ -- Cargill Beef Australia and Teys Bros announced today that the Australian Competition and Consumer Commission (ACCC) has determined that it does not propose to intervene in the proposed merger of Cargill Beef and Teys Bros. The proposed joint venture still requires approval from the Foreign Investment Review Board (FIRB) and foreign antitrust regulators before it can be finalized.
Brad Teys, CEO of Teys Bros, commented, "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.
Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, the privately held company employs 131,000 people in 66 countries. Cargill helps customers succeed through collaboration and innovation, and are committed to sharing our global knowledge and experience to help meet economic, environmental and social challenges. For more information, go to: www.Cargill.com
Teys is the largest Australian-owned beef processing company in Australia, processing one million cattle and turning over more than $AUD1.2B per annum. Teys comprises four modern beef processing facilities, a 30,000-head feedlot, a tannery, wholesaling divisions, and a value-added facility. For more information, go to www.teysbros.com.au