Ridley Corporation to close Murray Bridge feedmill

Company News

by Rachael Jones

Animal nutrition supplier Ridley Corporation (ASX:RIC) is to close its Murray Bridge feedmill in South Australia next month.

After a review of operations in South Australia and a prior year restructure of the Murray Bridge feedmill down to one shift per day, a decision was made to close the feedmill and consolidate SA production volumes into Ridley’s Wasleys feedmill north of Adelaide.

Ridley Chief Executive Officer and Managing Director Quinton Hildebrand says the annualised cash drain on the Ridley group is in the vicinity of $1.5 million.

He said employees have been offered alternative employment wherever possible within Ridley.

Shares in Ridley Corporation (ASX:RIC) are trading 0.3 per cent lower at $1.01.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.