Ridley announces $77M acquisition

Company News

Ridley Corporation Limited (ASX:RIC) has acquired Victorian animal product rendering business BPL Melbourne for $77 million.

CEO John Murray says the acquisition strengthens Ridley’s position as one of Australia’s leading suppliers of animal nutrients.

Mr Murray forecasts an improved opportunity for Ridley to supply growing customer demand driven by Australia’s position as a food supplier to Asia.
BPL Melbourne generates annual turnover in excess of $70 million.

The acquisition is expected to reap low double digit earnings per share in the first full year of ownership.

Ridley recorded a net profit of $19.3 million in the 2012 financial year.