Scales Corporation Limited has announced investment agreements to expand its Global Proteins division in Australia, including the subscription for a 33% interest in a newly established petfood processing operation in Melbourne and the purchase of 50% of the Australian operations of Fayman International.
The combined initial investment is estimated at A$27 million, to be funded from existing cash reserves.
Managing Director Andy Borland says the investment unlocks potential synergies and strengthens supply relationships in the proteins market.
The petfood processing operation is expected to be operational in Q1 2023.
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