Ridley sells share in NSW feedmill plant, new plants elsewhere
Pet food producer, Ridley, has sold its 25 per cent share in an Inverell manufacturing facility.
It is expected the sale will generate approximately AUD $3 million for Ridley.
The decision to sell comes after Ridley announced on 20 January 2017 that it will be constructing a new feedmill in Tasmania and it will be updating its Narangba manufacturing facility.
Ridley first invested in the Inverell manufacturing facility with Indigenous Business Australia in 2010 and was used as an overflow production facility for Ridley.
Chief Executive Officer of Ridley, Tim Hart, said although the facility served Ridley well over the years, with its new facility investments it is no longer required.
“The divestment of the joint venture investment for cash proceeds and a healthy profit is an excellent outcome as part of our strategy to consolidate Aquafeed and Packaged Product activities to wholly owned, state of the art Ridley sites in the most appropriate locations,” he said.
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