Singapore company buys Qld abattoir

Monday, June 18, 2007

Another major Queensland meatworks has been sold to overseas investors.

The Kilcoy abattoir north-east of Brisbane has been sold to Singapore-based Harmony Investment Fund, which already owns an abattoir at Harvey in south-west Western Australia.

The Kennedy family has owned and operated the meatworks since the early 1950s and supplies to both domestic and export beef markets.

Kilcoy Holdings chairman Ian Kennedy says the family had been looking for an investor, but Harmony Investment wanted to play a bigger role.

"Over a six month period they decided that if they had equity injection they wanted control. We decided we didn't want to be a minority shareholding in a company that we'd run for 50 years, so they made an offer for all our shares. We agreed to the transaction yesterday and they will take the company forward."

Sourced from ABC.