Ridley invests in Australia, Tasmania

Ridley Inc. has sold its stake in a feed production plant in New South Wales, Australia, as it prepares upgrade another in Queensland. It also plans to build a new facility in Tasmania.

Photo by Andrea Gantz
Photo by Andrea Gantz

Ridley Inc. has sold its stake in a feed production plant in New South Wales, Australia, as it prepares upgrade another in Queensland. It also plans to build a new facility in Tasmania.

The sale of Ridley’s 25 percent stake in the plant in Inverell, New South Wales, generated $3 million for the company, or a pre-tax profit of $700,000. The plant is operated by Consolidated Manufacturing Enterprises and was jointly owned by Ridley and Indigenous Business Australia. It employs 20 people.

Ridley says it will upgrade its feed mill in Narangba, Queensland, Australia. The upgrade means the company no longer needs the Inverell facility, which was used for overflow production.

“We are delighted that the sale process has delivered such a positive outcome not only for the two CME shareholders but also for the local community, for whom the facility is such a significant employer,” said Chief Executive Tim Hart in a report.

New feed mill in Tasmania

Ridley also recently revealed its plans to build a new feed mill in Tasmania. Ridley will receive a grant from the state government of Tasmania toward the plant, which will be built in Westbury to supply local producers and those in nearby New Zealand.

Once operational, the mill will directly provide upwards of 20 full-time equivalent jobs, plus more indirectly, and inject about $21 million a year into the local economy,” state building and construction minister Guy Barrett said in a report.

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