Aussie ABB Grain completes NZ acquisition
Grains marketer ABB Grain Ltd has completed its acquisition of New Zealand maize dryer and grain trader NZ Grain and Seed Ltd (known as TAG).
ABB said TAG was one of New Zealand’s two larger maize dryers and also
supplied seeds and agricultural chemicals. ABB managing director Michael Iwaniw
said the acquisition of TAG would add value to ABB’s business in New Zealand,
where ABB is building a new feed mill in Auckland and storage facilities in the
ports of Tauranga and Taranaki.
“The impact of acquiring the TAG business
at this time, against a background of increasing demand for complex feed, will
have a positive impact for ABB’s shareholders, ABB Grain NZ’s customers and
suppliers,” Iwaniw said.
Iwaniw said the acquisition of TAG would secure
long-term maize supply contracts with major growers and would complement ABB’s
entry into animal-feed production because maize was an important ingredient in
compound feeds. TAG will continue to run as a separate entity to ABB Grain NZ
Ltd.
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