US Premium Beef and National Beef Packing Co announced that Leucadia will acquire 79% of the outstanding ownership interests in National Beef. The operations and management structure of National Beef, including its tanning operation, will remain unchanged, the company said.

Steve Hunt, Chief Executive Officer of US Premium Beef, said the transaction will allow the company units to ‘address liquidity desires’ while maintaining its cattle supply system and investment in beef processing.

‘Leucadia is a diversified holding company engaged in a variety of businesses; its broad and deep experience will enhance our partnership. Our goals for the future of National Beef are aligned and we look forward to a long and successful partnership,’ he said.

National Beef Packing are based in Kansas City and several cattle processing facilities throughout the USA.

The operation in St Joseph, formerly known as Blue Side and Prime Tanning, process cattle hides to wet-blue. National Beef brought the facility in 2009.