PACKER SELLS STAKE IN TEYS BROTHERS

Written on the 12 May 2011

PACKER SELLS STAKE IN TEYS BROTHERS

THE Packer family has sold its stake in one of Brisbane’s largest private companies for an undisclosed price.

James Packer’s Consolidated Pastoral Holding owned 50 per cent of Teys Bros for decades before selling its interest in the company to the world’s largest agricultural company Cargill.

Teys Brothers and Cargill will run a 50/50 joint venture under the Teys Australia – A Cargill Joint Venture banner. The proposed joint venture is subject to regulatory approvals.

It will include the assets of both companies’ existing beef processing and cattle feeding businesses as well as Teys’ tannery, value adding facilities and wholesale divisions.

The combination of the two beef businesses will consolidate Teys’ position as the second largest beef processor and exporter in Australia with the joint venture having the capacity to process 1.5 million head of cattle per year.

Teys Brothers CEO Brad Teys, says the companies are committed to providing growth and opportunity for Australian cattle producers through vigorous focus on efficiency and improved domestic and export opportunities.

“The combination of Teys and Cargill brings together our combined strengths to provide the best support for Australian cattle producers,” he says.

“It strengthens our global marketing reach to expand markets for Australian beef and deliver best-of-class service to our strategic partners. It’s a winning combination for beef producers and Australia.”


Latest News

WOOLWORTHS CLAIMS LEGAL VICTORY IN STOUSH WITH LOWE'S

SUPERMARKET giant Woolworths (ASX: WOW) has been given the go-ahead to sell its Masters property assets after winn...

DOMINO'S PIZZA EMPLOYEES OFFERED A SLICE OF THE PIE

DOMINO'S Pizza (ASX: DMP) has launched an employee share acquisition plan which will give its 26,000 staff the...

PRICELINE STORE ROLLOUT BOOSTS API'S FULL YEAR PROFIT FORECAST

Australian Pharmaceutical Industries (ASX: API) has booked a rise in half year net profit of $29.1 million on the bac...

CITY DWELLERS SETTING EYES ON REDCLIFFE AS PROPERTY SEACHANGE BECKONS

IT MAY be cool by the sea at Redcliffe, however strong sales at Kyko Group's Mon Komo development prove that t...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter