PGG Wrightson buys Australian seeds business Grainland Moree
The purchase will give PGG Wrightson's seeds unit a market entry into the productive cropping area of northwest New South Wales.
PGG Wrightson [NZX: PGW], the rural services firm controlled by China's Agria Corp, has agreed to buy the assets of Australian seed business Grainland Moree for an undisclosed amount.
New South Wales-based Grainland is a seed production, cleaning and wholesale seed marketing business. It is the largest provider of proprietary cereal and pulse seeds to the Moree district's arable farming industry and custom cleans and grades cereals and pulses for local farmers, warehouses up to 4000 metric tonnes of grain in its silo complex and has a container packing facility.
The purchase will give PGG Wrightson's seeds unit a market entry into the productive cropping area of northwest New South Wales. For Grainland, the acquisition gives it access to PGG Wrightson's broader range of crop and pasture seed products, backed by a plant breeding capability, which offers wider opportunities for its suppliers and customers.
"We continue to build our Australian business through acquisition of strategic assets," said PGG Wrightson chief executive Mark Dewdney. "The acquisition aligns well with our strategy to build our proprietary arable seeds business and, when coupled with our existing capability in the central NSW town of Forbes, gives us state-wide coverage of the grains industry."
Shares in Christchurch-based PGG Wrightson rose 2.1% to 47.5c and have gained 1.1% since the start of the year.
(BusinessDesk)
Tina Morrison
Thu, 23 Jul 2015
Thu, 23 Jul 2015
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PGG Wrightson buys Australian seeds business Grainland Moree
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