Agricultural News
USCA Urges Review of Marfrig Global Foods' Acquisition of National Beef
Tue, 03 Dec 2019 17:24:58 CST
Today, the United States Cattlemen's Association (USCA)submitted to U.S. Treasury Secretary Steven Mnuchin a request for investigation of Marfrig Global Foods' near-acquisition of the U.S. based National Beef Packing Company.
The Brazilian-owned Marfrig Global Foods announced last week that it raised its stake in the U.S.-based National Beef Packing Company from 51% to 81.7%. In 2018, Marfrig acquired a majority stake in National Beef Packing Company, but this recent announcement means that the U.S.-based company will now be almost wholly owned by Brazilian interests.
The United States Cattlemen's Association (USCA) is firmly opposed to the increasing consolidation of the meat-packing sector and foreign ownership of U.S. agricultural interests. Our request for investigation of these actions by the Committee on Foreign Investment in the United States (CIFUS) demands a full review of Marfrig Global Foods' acquisition of U.S. companies, and calls for those outcomes to be explicitly written out and publicly published.
USCA President Kenny Graner issued the following statement on the investigation:
"Today, nearly 30 million acres of U.S. agricultural land is held by foreign investors. Once Americans lose out on that capacity - whether it be land, feedlots, meat processing facilities, or other resources - it may be that we will never have the opportunity to buy it back. In short, the growing trend of foreign interests acquiring U.S. agricultural resources jeopardizes the ability of our nation to feed itself. In our view, this is a direct threat to our democracy.
"We urge Secretary Mnuchin and the Committee on Foreign Investment in the United States to fulfill President Donald Trump's campaign promise to put America first by ensuring the long-term sustainability of America's farming and ranching families."
Source: United States Cattlemen's Association
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