Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Scales Corporation Enters into Petfood Joint Venture

Scales Corporation Enters into Petfood Joint Venture with Alliance Group

Diversified agribusiness Scales Corporation Limited (NZX:SCL) today announced an agreement to enter into a petfood Joint Venture (JV) with Alliance Group Limited (Alliance). Under the terms of the JV, Alliance will pay $15 million to acquire a 50% interest in Meateor’s New Zealand business and operations.

Managing Director Andy Borland says: “We are pleased to enter into a partnership with one of New Zealand’s leading farmer co-operatives. This venture is about developing New Zealand as the premier supplier of petfood proteins. We think the venture provides a number of benefits to the entire New Zealand petfood-supply industry including as an avenue for the industry to improve scale; improved relationships with customers including the ability to commit to longer-term relationships; an ability to move into higher value and added value ingredients; and ability to leverage extended customer and supplier networks.”

David Surveyor, chief executive of Alliance says: “The joint venture extends Alliance’s downstream reach, allows Alliance to become vertically integrated and ensures we have an end-to-end connection with the market. Meateor has established itself as a strong domestic and international petfood ingredients business, and we are pleased to be partnering with their high quality team. We admire Meateor’s excellent customer-service, commitment to employees, and high operating standards, and believe they align well with our goals at Alliance.”

Tim Goodacre, Chairman of Scales Corporation, says: The JV with Meateor represents the next step in our petfood ingredients strategy. We look forward to continuing to develop this division with further investment and growth initiatives.”

Scales was advised by Maher & Associates (lead sale advisor) and Anthony Harper (legal).
Alliance was advised by Simpson Grierson (legal).
PwC provided independent corporate advisory services to both Scales and Alliance.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Commerce Commission: Vodafone Found Guilty Of Misleading Conduct Over 'FibreX' Service

Vodafone NZ Limited has been found guilty of engaging in conduct that was liable to mislead consumers in relation to its FibreX branded broadband service. In a case brought by the Commerce Commission and heard last year, the Auckland District Court ... More>>


Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>

Tourism Industry Aotearoa: Trans-Tasman Bubble Benefits NZ

More people have entered New Zealand than have left since the opening of the trans-Tasman bubble, says Tourism Industry Aotearoa. Since the first flight from Australia to New Zealand took off from Sydney to Auckland on 19 April, the two-way Tasman travel ... More>>