USCA wants a review of Marfrig’s acquisition of National Beef
The US Cattlemen’s Association (USCA) has asked Treasury Secretary Steven Mnuchin to investigate Marfrig Global Foods’ near acquisition of National Beef Packing Company.
USCA president Kenny Graner says the growing trend of foreign companies acquiring US ag resources jeopardizes the ability for the US to feed itself and it is a direct threat to democracy. “Once this country continues to sell out its processing facilities to foreign companies, we don’t know what their long-range plan is,” he says. “You don’t know if they’re slowly going to buy facilities and then slowly shut them down and then you have this loss of US jobs.”
He says it would also have a direct impact on the US cattle industry. “As you continue to consolidate, you start losing that ability of competitive markets to sell your cattle into,” he says. The Brazilian-owned company announced last week that it has raised its stake in the US company from 51% to nearly 82%.
He says the organization wants Secretary Mnuchin and the Committee on Foreign Investment in the United States to provide a full review of Marfrig Global Foods’ acquisition of US companies and for the outcomes to be written out and publicly published. “This country should not be allowing foreign companies to come in and buy up some of its large industries,” he says. “And that is a big concern because President Trump pushed on putting America first. So let’s put ranchers – American ranchers first.”
The USCA opposes increasing consolidation of the meat-packing sector and foreign ownership of US ag interests. In 2018, Marfrig acquires a majority stake in National Beef Packing Company, but the latest announcement means the US-based company will be almost fully owned by Brazilian interests.