Scales Corporation increases Australian venture ownership

Scales Corporation has announced an increase in its ownership of its Australian joint ventures.

The company has acquired 50% of Meateor Australia, 50% of Fayman International, and 42.5% of ANZ Exports.

As a result of these acquisitions, Meateor Australia and Fayman International will become 100% owned subsidiaries, while ANZ Exports will be 85% owned.

The total acquisition price is AUD 91.05 million, with AUD 49.4m payable in cash, AUD 5.25m in Scales shares, and the remaining AUD 36.4m to be paid in instalments over the next five years.

Scales said the acquisitions would have a positive impact on its earnings, leading to an increase in the underlying net profit guidance range for the 2025 financial year and a higher ebitda target for the global proteins division in 2027.