Cayman Islands company acquires Australia's Harvey Beef

Western Australia's largest abattoir Harvey Beef is now 100 percent owned by Harmony Capital based in Cayman Islands.

Private equity fund Harmony Capital has bought out its partners, Elders and Stark Investments.

Citing financial problems, the export abattoir sacked 160 workers in March and imposed pay cuts on many remaining workers.

Harvey Beef's abattoir is at Harvey, south-west of Perth.