The Cayman Islands-based company this week announced it had secured full ownership of the Harvey Industries Group, which includes Harvey Beef, in an effort to strengthen its position in the Australian beef industry.

Harvey Beef was operated by the Green family until 2005 and came under control of the Harvey Industries Group in early 2006.

Until this week, the Harvey Industries Group was jointly owned by Stark Investments, Harmony Capital and Elders. Harmony executive director and partner John Nicholls said Harvey Beef had enormous potential so the company was pleased to buy 100pc ownership and control of the business.

"The move to secure 100 per cent ownership reflects Harmony's commitment to Harvey Beef and our absolute confidence in its future," Mr Nicholls said.

WAFarmers meat section president Jeff Murray said he did not think the takeover by Harmony would have an impact on producers, provided the company had adequate funding.

"I think it's a positive move, provided that they have serious funding behind them to upgrade the facility as needed," Mr Murray said.

"As producers we're always looking to get upgraded works and to ensure we get the best prices at a farm gate level."

Mr Murray expected that with Harvey Beef being owned by one entity rather than three, it would make the decision and agreement process more streamlined.

He said it also made the company more independent, which was good for producers.

New Harvey Beef chief executive officer Mike Jackson also began his role at Harvey Beef this week and Mr Nicholls said he bought with him a wealth of experience in the Australian beef industry, at both an operational and strategic level.