Cargill Beef Australia and Teys Bros (Holdings) Pty Ltd (Teys Bros) announced this week that they have agreed to form a joint venture company.
The new company will be a 50-50 joint venture and trade under the name of “Teys Australia – A Cargill Joint Venture.” The proposed joint venture is subject to regulatory approvals. Board representation will be shared equally by Cargill and Teys. Allan Teys will be chairman, and Brad Teys will serve as the chief executive officer in the new company. Geoff Teys will be responsible for cattle procurement. The company’s head office will be located in Beenleigh, Queensland.
The new joint venture will include the assets of both companies’ existing beef processing and cattle feeding businesses as well as Teys’ tannery and value adding facilities, and Teys’ share of its wholesale divisions. The combination of the two beef businesses will consolidate Teys’ position as the second largest beef processor and exporter in Australia. The joint venture will have the capacity to process 1.5 million head of cattle per year.
Source: Cargill Inc.