PACKER SELLS STAKE IN TEYS BROTHERS
Written on the 12 May 2011
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.”