Sharechat Logo

SCL - Meateor and Fayman Settlement & Market Update

Tuesday 1st November 2022

Text too small?

Scales Corporation Limited (NZX: SCL ) has confirmed settlement, on 31 October 2022, of the Australian investments announced to the market on 27 September 2022. The investments being:

• The subscription for a 33% interest in Meateor Australia, a newly established petfood processing operation to be based in Melbourne

• The purchase of 50% of the Australian operations of Fayman International, including a 42.5% interest in ANZ Exports

Scales Corporation Chair Tim Goodacre commented: “We are very pleased to settle these investments and look forward to working with our partners to grow both businesses. We reiterate our commitment to Global Proteins and are excited to expand both our geographical reach and range of products with the investments”.

 

Full Year 2022 Outlook

Directors note the following, in relation to 2022 trading:

• Earnings for the Global Proteins’ division in 2H22 are now expected to be higher than 2H21;

• Trading in the Horticulture division in 2H22 is behind sales forecasts provided in the August update;

• Mr Apple has sold 79% of the 2022 export crop, compared to 90% of the 2021 export crop, at the same time last year

Scales will provide an update in December in line with previous years.

 

Contact

Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975 999,

email: andy.borland@scalescorporation.co.nz

About Scales Corporation

Scales Corporation is a diversified agribusiness group. It comprises three operating divisions: Global Proteins, Horticulture and Logistics. The company’s diverse spread of activities gives Scales broad exposure to the agribusiness sector. Scales Corporation was founded in 1897 as a shipping business by George Herbert Scales. Today it has operations across New Zealand, Australia and the United States. Find out more at www.scalescorporation.co.nz

Meateor and Fayman Settlement & Market Update



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

November 14th Morning Report
November 13th Morning Report
TruScreen Markets Update
November 12th Morning Report
NZME lowers FY24 guidance
Fonterra to proceed with Consumer businesses sale process
November 11th Morning Report
MFB - FY25 Half Year Results Announcement Date
The Warehouse Group FY25 Q1 Trading Update
Manawa Energy FY25 Interim Results