KEY POINTS:
PGG Wrightson subsidiary Agri-feeds is to buy the business of 4 Seasons Molasses from Gardner Smith NZ.
At the same time, Gardner Smith will buy Agri-feeds' port operations in Mt Maunganui and New Plymouth, PGG Wrightson said today.
The port transaction would result in a capital gain to PGG Wrightson of about $5 million.
The molasses company is a national importer and distributor of molasses feed supplements for dairy herds, while Gardner Smith subsidiary Pacific Terminals is a bulk liquid storage operator in this country, Australia and China.
PGG Wrightson chief executive officer Barry Brook said the 4 Seasons business would complement his company's existing animal nutrition business and provide an extra level of opportunity for growth.
Gardner Smith NZ general manager Scott Mitchell said the transactions, effective from next Monday, would strengthen his company's core business in this country, providing enhanced opportunities for its port storage business.
- NZPA
