Ricegrower’s (ASX:SGL) CopRice has signed a purchase agreement to acquire a dairy nutrition business from Inghams which will see it enter the New Zealand market.
The company paid NZD$11.5 million. Settlement is expected to occur by 31 March 2021.
The acquisition includes Ingham’s feed mill at Hamilton, and direct-to-farm and packaged dairy nutrition business in New Zealand.
Ricegrowers, which trades as Sunrice, says that the investment demonstrates continued delivery of its 2022 Growth Strategy, and is expected to be earnings per share accretive.
Shares in Ricegrowers (ASX:SGL) last traded at $6.21.