Alliance Group likely to bring on new shareholder to strengthen balance sheet

Alliance's Smithfield site. (Image: Supplied)

Mon, 30 Sep 2024

After nearly 140 years, Timaru’s Smithfield freezing works has possibly killed its last sheep.Now its owner Alliance Group is about to appoint investment bankers to help scout out a new equity partner as it looks to strengthen its embattled balance sheet.The farmer-owned meat processor announced a proposal, which will impact roughly 600 staff, to shut the South Canterbury site on Friday, blaming declining sheep numbers due to land use change.That had led to overcapacity in the processor’s network.Alliance, which operates six other p...

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