Scales Corporation Limited (NZX:SCL) has announced an agreement to expand its Global Proteins division through a 50% shareholding in a newly established petfood ingredient processing operation, Esro Petfood BV.
The joint venture will be based in Europe alongside Esro Food Group and will be funded by €15 million from Scales’ existing cash reserves.
The first plant is expected to be operational in the last quarter of 2023, with a second site being considered for 2024.
This investment is expected to have a positive impact on earnings part way through the 2024 financial year.
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