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Wednesday, 01 February 2017 14:03

Mill off-loaded

Animal feed supplier Ridley Corporation and Indigenous Business Australia have sold their joint interests in the Consolidated Manufacturing Enterprises stock feed plant at Inverell in northern NSW.

Ridey says it plans to build a new facility in Tasmania and upgrade another in Queensland.
Chief executive Tim Hart says the Inverell plant employs about 20 people and has been sold as a going concern.
The sale of Ridley's 25 per cent stake in the plant generated about $3 million, delivering the company a pre-tax profit of about $700,000.
The vendors have not disclosed the name of the buyer.
The sale comes after Ridley's decision to build a new feedmill in Tasmania and and upgrade its feedmill at Narangba, north of Brisbane.
Those investments will mean the Inverell facility, which had been used as an overflow production facility, is no longer needed, Mr Hart said.
"We are delighted that the sale process has delivered such a positive outcome not only for the two CME shareholders but also for the local community, for whom the facility is such a significant employer."
Ridley shares were up 0.75 cents at $1.2925 at 1225 AEDT.

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