Andrew Forrest’s focus is shifting to another growing Chinese appetite, beef, with his Minderoo Group, run by his wife Nicola, buying Western Australian processor Harvey Beef.
A spokesperson for Minderoo would not disclose the purchase price, but it’s believed to be in the vicinity of $40 million.
The acquisition relieves private equity firm Pacific Alliance Group of its major shareholding in the company.
Harvey Beef, which employs 650 people at its plant 140km south of Perth is WA’s largest processor. It exports to 30 countries, including China, Japan, Korea, Indonesia, Taiwan, the Middle East and USA and has supplied Coles since 2012. It is the only processor in WA accredited in China.
The company also produces by-products such as hide, meal and tallow.
In a statement released this afternoon, Minderoo says it will upgrade facilities to increase capacity, which are currently around 4500 carcasses a week..
“Following detailed discussions with the Chinese leadership, we are determined to ensure that the Australian agricultural industry’s future in China is just as bright as our mining future,” Forrest said.
“I have always been a firm believer and an even stronger supporter of the Australian agricultural industry.”
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