Home > Ridley to sell salt assets to focus on agribusiness manufacturing

Ridley to sell salt assets to focus on agribusiness manufacturing

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Ridley AgriProducts will sell it’s Cheetham Salt business to CK Life Science as they aim to focus more on their agribusiness core.

The deal worth $150 million will see Ridley sell the Cheetham Salt company to CK Life Science but retain it’s hold on the Dry Creek Salt field and all the assets that are associated with it’s non operating. Bowen, Lara and Moolap former salt field sites are all still Ridley’s.

The Ridley chairman, John Spark claims that the decision to sell Cheetham was agreed back in February in an effort to identify and evaluate alternative strategies to unlock the underlying value of the Cheetham business.

The sale transforms Ridley into a focused animal nutrients, ingredients and feed producers and will provide a flexibility to gain further values and growth opportunities that will strengthen Ridley’s status in the sector and give them more opportunity to participate within the industry.

Still subject to approval from the New Zealand Overseas Investment Office, Ridley hope that the transaction should be completed towards the end of February 2013.

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