Foreign takeover of agribusiness continues
Written by: Duncan B. on 11 August 2021
Not only are foreign buyers rushing to buy Australian farmland, they are also snapping up other agribusiness operations.
In July the billion-dollar Chinese-owned food processor Kilcoy Global Foods purchased beef and lamb processor Hardwick Meats, a family-owned company based in Kyneton (Vic).
Another multinational beef giant, JBS announced plans in June to acquire pork processor Rivalea Holdings, increasing JBS market share in Australia’s pork industry. Farmer groups have raised concerns about access to pork processing facilities in Victoria.
JBS has also announced plans to acquire Tasmania-based Huon Aquaculture, one of Australia’s largest salmon producers in a deal worth over $500 million. (The deal is subject to approval by Australian authorities and minority shareholders in Huon.)
Huon Aquaculture is one of the companies named as environmental polluters by author Richard Flanagan in his recent book Toxic: The Rotting Underbelly of the Tasmanian Salmon Industry.
The Canadians are also still busy. Recently Hewitt Cattle Australia, backed by Canada’s PSP Investments, paid $40 million for the historic Tubbo Station in the Riverina.
Print Version - new window Email article