US food giant Cargill has merged its Australian beef business with Teys Bros., the country’s second-largest beef processor.

The companies have combined their businesses into a 50:50 joint venture, which will trade under the name of Teys Australia – A Cargill Joint Venture.

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The venture will include assets of both companies’ beef processing and cattle feeding businesses, as well as Teys’ tannery and “value-adding” facilities, the firms said.

The new company will have the capacity to process 1.5m head of cattle per year and will “consolidate Teys’ postition as the second-largest beef processor and exporter in Australia”, the groups explained yesterday (10 May).

Teys CEO Brad Teys, who will serve as the chief executive of the new company, said he was “confident” the partnership with Cargill would create “a world-class company and a flagship for the Australian beef industry”.

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He described the move as a “winning combination for beef producers and Australia” and added: “We are committed to providing growth and opportunity for Australian cattle producers through vigorous focus on efficiency and improved domestic and export opportunities. “The combination of Teys and Cargill brings together our combined strengths to provide the best support for Australian cattle producers. It strengthens our global marketing reach to expand markets for Australian beef and deliver best-of-class service to our strategic partners.”

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Cargill senior vice president Bill Buckner said the US company believed the combination was “the best way to grow and better serve our Australian and global customers”.

The creation of the venture, which is set to be based in Queensland, remains subject to regulatory approval.