Saudi SALIC and Minerva of Brazil acquire the Australian meat company

Saudi Agricultural Investment and Livestock Production Company (SALIC), owned by the Saudi Public Investment Fund, said on Friday that it acquired the Australian Mutton Company (ALC) with Brazil’s Minerva Meatpacking Company for 970 million riyals. ($ 258 million).

Salik said the acquisition was made through Minerva Foods Australia, a joint venture venture established last year between Salik and Minerva.

According to a disclosure to regulators, after the agreement, Minerva will control approximately 15% of the sheep and sheep market. in Australia, where it already owns Shark Lake and Great Eastern Abateware.

“We believe that supporting our Australian operations and investments in improving facilities and optimizing operational and commercial structures would lead to a significant improvement in the coming months,” said Minerva, without delving into cost savings.

Minerva indicated that the Australian company has the capacity to slaughter 3.78 million head per year and has two manufacturing plants in Victoria, explaining that exports account for 93% of its sales.

Sulaiman Al-Rumaih, CEO of SALIC, said: “The new acquisition, in collaboration with the Brazilian company Minerva, is part of the strategic objectives of SALIC contributing to the achievement of national food safety objectives in subjects prime strategic by expanding and diversifying foreign investments in countries with a comparative advantage, in as Australia is one of the largest meat exporters globally by over 42%.

The Brazilian company expects the transaction to strengthen its presence in niche markets and will expand its portfolio of higher value-added products.

Salik, founded in 2011 to secure food supply to Saudi Arabia through mass production and foreign investment, owns 31% of Minerva’s share capital.

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