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| Company |
Code |
Released |
Type |
Headline |
| PGG Wrightson Limited |
PGW |
24 Sep, 2007, 09:59 |
ASSET |
PGG Wrightson to Purchase Molasses Business |
| Full Text of Announcement |
Media Release
24 September 2007
PGG Wrightson to Purchase Molasses Business
PGG Wrightson subsidiary Agri-feeds Limited has agreed
to purchase the business of 4 Seasons Molasses from
Gardner Smith NZ Limited. In a concurrent transaction,
Gardner Smith will purchase Agri-feeds' port
operations in Mt Maunganui and New Plymouth.
4 Seasons Molasses is a national importer and
distributor of molasses feed supplements that boost
energy levels and promote animal health in dairy herds
PGG Wrightson Chief Executive Officer Barry Brook says
the purchase will further strengthen PGG Wrightson's
commitment to the growing New Zealand animal feed
market. "Agri-feeds has a 34 year history of
growing with, and supporting, improved productivity in
the dairy sector through strategic feed
supplementation. The 4 Seasons business will
complement our existing animal nutrition business and
provide an extra level of opportunity for growth as
the dairy industry expansion.
Gardner Smith NZ is a subsidiary of Gardner Smith
(Holdings) Pty Ltd, a leader in the aggregation and
value added supply of tallow, vegetable oils and their
derivatives, servicing producers and customers in the
food, personal care, chemical and livestock feed
industries. As part of its operations Gardner Smith's
subsidiary, Pacific Terminals, is a major bulk liquid
storage operator in both New Zealand and Australia and
China.
Scott Mitchell, General Manager of Gardner Smith NZ
Limited, says "We are delighted to have agreed
these transactions, which will strengthen our core
business in New Zealand through the addition of the Mt
Maunganui port operations and further provide enhanced
opportunities for our port storage business throughout
New Zealand."
The port transaction will result in a capital gain to
PGG Wrightson of approximately $5 million. The
transactions will be effective from 1 October 2007.
For further information:
Barry Brook
Chief Executive Officer
PGG Wrightson Limited
Tel: +64 3 372 0979
Scott Mitchell
General Manager
Gardner Smith NZ Limited
Tel: +64 3 379 0100 |
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