TasFoods acquires poultry business
TasFoods has announced that its 100%-owned subsidiary Nichols Hatchery Pty Ltd has completed an agreement to acquire the business and assets of Redbank Poultry, a chicken broiler and breeder facility located in North-West Tasmania.
Following TasFoods’ expansion into the pet treats segment, this latest acquisition will be designed to expand its successful poultry business by securing the poultry supply chain and developing a vertically integrated poultry operation.
The purchase price was reported as $1.25m for plant and equipment and associated assets plus $1.1m for the final valuation of inventory at completion. TasFoods has also entered into a 5-year lease (with three 5-year extension options) for the growing sheds and associated infrastructure.
TasFoods has reported that the funding for the acquisition will primarily come from the sale of the Betta Milk/Meander Valley Dairy.
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