SunRice seeks growth from US investment
- August 18, 2008
- Daniel Palmer
Australian-based SunRice (Ricegrowers Limited), one of the world’s largest rice food companies, has announced that they have invested in a newly formed US joint venture rice milling and marketing company, SunFoods. SunFoods amalgamates the milling assets and brands of Gold River Mills and Pacific Basin Milling, based in Woodland, California.
As part of its international rice food business, SunRice has worked extensively with Gold River Mills and the investment is considered an “excellent fit” with their established global sourcing strategy. “The new company provides SunRice with a platform to leverage its branded rice food expertise in the US market, and to grow its international markets through the sourcing of high quality US rice. SunFoods will help SunRice grow its business and will complement the traditional Australian rice supplies at a time of increasing global demand for rice and rice based foods,” a statement from the company advised. “It is an important step in the growth of the SunRice business and the creation of sustainable value for shareholders.”
SunFoods’ assets include a rice mill, consumer packaging plant as well as the successful Hinode brand. SunRice invested US$10.4 million to establish its 65% stake in the newly formed company.
The current President of Gold River Mills, Tom Atkinson II, will be appointed President of SunFoods.
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