Scales Corporation ups stake in Meateor Australia

Scales Corporation has increased its investment in the Australian petfood ingredient joint venture, Meateor Australia.

The company announced that it has raised its stake from 33% to 50%.

This move was accompanied by a similar increase in stake by Scales' joint venture partner, the Fayman family.

Both Scales and the Faymans acquired their additional holdings from their third joint venture partner.

The total cost of Scales' 50% stake in the joint venture will amount to AUD11.5 million, covering capital expenditure and working capital requirements.

Scales' managing director, Andy Borland, highlighted the strategic importance of Meateor Australia's Melbourne facility and the Australian market to the company's Global Proteins division.