NZ Agri-feeds purchases molasses business
New Zealand Agri-feeds, a PGG Wrightson subsidiary,
has agreed to purchase the business of 4 Seasons Molasses from Gardner Smith NZ,
while Gardner Smith will acquire Agri-feeds' port operations in Mt Maunganui and
Chief executive Barry Brook says the purchase will further strengthen PGG
Wrightson's commitment to the growing New Zealand animal feed
4 Seasons Molasses is a NZ national
importer and distributor of molasses feed supplements that boost energy levels
and promote animal health in dairy herds.
"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", he said.
Smith is 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.
Gardner Smith NZ general manager Scott Mitchell says
the transactions will strengthen their core business through the addition of the
Mt Maunganui port operations and further provide enhanced opportunities for the
port storage business.
The port transaction will result in a capital gain
to PGG Wrightson of approximately NZ$5 million. The transactions will be
effective from 1 October 2007.
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