U.S. Premium Beef, LLC and National Beef Packing Company, LLC Feb. 20 announced that the Membership Interest Purchase Agreement with JBS S.A., previously announced on March 4, 2008, has been terminated effective as of Feb. 23.
Steve Hunt, Chief Executive Officer of USPB said, "although this is not the outcome we anticipated, we are excited to continue the growth and success of our business on a stand-alone basis. As demonstrated by our fiscal year 2008 and first quarter 2009 financial results, National Beef's value-added business model, rooted in strong relationships with cattle producers and beef customers, continues to generate industry-leading profits."
John Miller, CEO of National Beef, added that, "this development has re-energized our management team. With our strong liquidity position and numerous opportunities to grow our business--both internally and externally--we are eagerly looking forward to building on our value-added model while continuing to focus on serving the needs of our customers."
U.S. Premium Beef, LLC is the majority owner of National Beef Packing Company, LLC, a leading U.S. beef processor. More than 2,100 producers from 36 states have marketed cattle on USPB's quality-based grids. These high quality cattle are the foundation of National Beef's value-added product lines and have enabled it to be a leader in branded product programs for both domestic and international markets. More information about USPB is available at www.uspremiumbeef.com.
National Beef Packing Company, LLC, based in Kansas City, Mo., has operations in Liberal and Dodge City, Kan.; Brawley, Calif.; Hummels Wharf, Pennsylvania; Moultrie, Georgia and Kansas City, Kansas. National Beef processes and markets fresh beef, case-ready beef and beef byproducts for domestic and international markets. More information about National Beef is available at www.nationalbeef.com.
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