Agribusiness company Cargill Limited and beef processor Better Beef Limited have announced a deal for Cargill to purchase beef processing and related assets operated by Better Beef Limited, headquartered in Guelph, Ontario.

"This combination has broad benefits and is a natural fit," said Bennie deJonge, founder and president of Better Beef Limited. "We see this as an opportunity to further strengthen the Ontario and Canadian beef supply chain in these challenging times."

The combination will significantly enhance product and service offerings for food customers and producers both in Canada and around the world, the companies said. Cargill and Better Beef are committed to leveraging their experience and strengths to provide more value to suppliers and customers.

"As a company that has developed deep roots in Canada over the past 80 years, Cargill is committed to ongoing investment and a strengthening of the Canadian beef sector," said Bill Buckner, Cargill's corporate vice president and president of Cargill Meat Solutions. "This new development illustrates our commitment to not only enhancing our operations, but also solidifies our vision for value-added creation for our customers and producers."