Elders ended its five-year plan to ‘sell non-core assets and reduce term debt’ with the sale of its 50% stake in Australian Wool Handlers (AWH) to container terminal operator DP World Australia for A$30 million, plus half the cash in the business’ bank accounts. In 2009 Elders recorded a loss of A$415.4 million which began a string of losses that would eventually equal A$1.6 billion sparking the sale of assets. The group has also sold banking, forestry, and insurance assets, and earlier this year it sold its Carleton Feedlot beef operation in Victoria, Australia and its New Zealand division. Elders will now focus on a growth plan including expanding Australian meat sales to major Asian markets including Indonesia and China.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service