- SunRice has signed a deal to take-over Australian rice bran manufacturer FeedRite for up to $10 million
- FeedRite is a Victoria-based stock extrusion and steam flaking company
- This purchase is in line with SunRice’s 2022 Growth Strategy which is focused on strengthening existing profit businesses like CopRice
- The purchase is expected to be completed over the coming months, subject to the satisfaction of a number of preset conditions
A division of Sunrice Group, CopRice, has signed a deal to buy Australian rice bran manufacturer FeedRite for up to $10 million.
“This purchase was in line with its 2022 Growth Strategy, which is focused on strengthening existing profit businesses like CopRice. This purchase is following on from SunRice’s Riviana purchases last year, which included Roza’s Gourmet and House of Riz,” SunRice company management said.
FeedRite is a Victoria-based stock extrusion and steam flaking company.
SunRice management did not quote a specific price for the purchase, but told shareholders that the total cost of FeedRite’s businesses assets — combined with the cost of expanding the site to CopRice’s standards and specifications — “should not exceed $10 million.”
The purchase of FeedRite will give CopRice the ability to keep expanding its premium feed business, particularly in the Ag Retail channel. The purchase also complements SunRice’s supply of rice bran from the Riverina milling program.
The purchase is expected to be completed over the coming months, subject to the satisfaction of a number of preset conditions.
SunRice is a leading rice food company, with it’s brand and food products found in supermarkets and retailers around the world. CopRice is an animal feeds division of SunRice, with a strong position in the pet and livestock industry and a dedicated rice research company.
SunRice shares are in a trading halt today, with the company’s previous closing price being $5.55 per share.