Bega Group has confirmed an agreement with the Crumpton Group over the sale of the Peanut Company of Australia, according to reports.
The transactions are reported to include land, buildings and equipment located at its peanut-processing sites in Kingaroy and Tolga.
“While it was always our preference to sell the Peanut Company of Australia, we are pleased that the land, buildings and equipment located in Kingaroy and Tolga will remain in local hands,” Bega Group chief executive officer Pete Findlay told news.com.au.
“We will continue to provide redeployment training and assistance, including a job fair held in Kingaroy.”
The sale comes after Bega Group conducted an extensive review of the PCA operations to determine its future. Following the review, Bega Group said, despite ongoing investments for significant upgrades, it had been unable to establish “sustainable business model”.
In July, the company announced it would look to wind down the operations of PCA but was hopeful of finding a “local and focused ownership” for PCA. That has now been delivered with Crumpton Group, which has extensive experience in the peanut sector. This includes farms, a research and development centre, a peanut shelling facility and a blanching facility.
According to reports, the sale of the land, buildings and equipment at Tolga to Crumpton Group will occur in December 2025. Following that, the Kingaroy assets will be in operation until June 2026, and then the relevant assets will transition to the Crumpton Group.