Farm Pride buys Qld hatch­ery

The Western Star - - RURAL WEEKLY -

AUS­TRALIA’S Farm Pride Foods will pur­chase the as­so­ci­ated as­sets of Dar­ling Downs Fresh Eggs in Kin­cora, Queens­land, after en­ter­ing into an agree­ment with ad­min­is­tra­tors.

The AUD6.5m ac­qui­si­tion will be funded with cash and ex­ist­ing debt, a state­ment to the Aus­tralian stock ex­change said this week.

The pur­chase of Dar­ling Downs, which went through ad­min­is­tra­tors Clearmedal and RL Adams, is “con­sis­tent with our strat­egy of in­vest­ment in new farms and growth op­por­tu­ni­ties,” Farm Pride Foods said.

In­vest­ment will be needed over time to max­imise ca­pac­ity at the site, which in­cludes farm land, layer and rear­ing sheds, a grad­ing op­er­a­tion and a small feed mill, the state­ment said.

Not all the layer sheds are cur­rently op­er­a­tional. Farm Pride re­ported a rev­enue in­crease of 4.3% to $7.8m in the year to June 30, while net profit after tax climbed 3.7% to $8.5m. The firm’s to­tal cur­rent as­sets stood at $30.8m. Its hens lay more than 8m eggs a week, ac­cord­ing to its web site. Sub­sidiaries The com­pany em­ploys more than 200 peo­ple across NSW and Vic­to­ria.

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