AUSTRALIA'S largest meat processor, JBS Australia, has completed its acquisition of Rivalea Holdings and Oxdale Dairy Enterprise from Singapore-listed food company QAF Limited.
The purchase price for the two enterprises, known together as Rivalea, was $175 million.
JBS received the required regulatory approvals from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
Rivalea is a majority shareholder in Diamond Valley Pork.
JBS Australia chief executive officer Brent Eastwood said Rivalea was a crucial part of Australia's pork supply chain and JBS believed it could work with the managers to create an improved and more efficient pork processing business for Rivalea customers, by using JBS's experience as a major meat and food processor.
"We look forward to working alongside Rivalea CEO Mick Hewat and the entire Rivalea team, to continue to support high quality pork production for the Australian domestic and international export markets," he said.
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"JBS is proud to say we will be the last owner of Rivalea. JBS has a long and proud history of supporting and growing its Australian and New Zealand businesses over the long-term, investing heavily in its local operations and domestic brands, while at the same time providing employment opportunities and supporting the regional economies in which we operate. We will employ this same locally-minded approach at Rivalea."
JBS will continue to provide kill services at DVP for customers and also grow the customer base.
It has provided that assurance directly to all DVP customers in writing, to local pork groups including the Victorian Farmers Federation and to the ACCC.
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