Astral Foods: Argyle assets ‘will help growth’

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Astral Foods had acquired Argyle Farms in KwaZulu-Natal, which would boost synergy at its provincial operations, Astral said yesterday.

It had bought Argyle’s broiler farm – known as Thornhill Farm.

It said the assets would “fulfil an important role in Astral’s growth in the region and nationally”.

Argyle Farms is in provisional liquidation and Astral said it had won the asset in a sealed bid.

No mention was made of the amount the assets were bought for, but Chris Schutte, the chief executive of Astral, said it was unfortunate that the industry was squeezing out a lot of operators.

“In acquiring these Argyle assets we will recommission them and support our commitment to continued local poultry production and supply, as well as protecting jobs.”

Astral shares closed 50c higher on the day at R83.50, coming off an intraday high of R84. – Staff Reporter

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