Morrison Industries has agreed to acquire Agridry, a Toowoomba-based agricultural manufacturing business, with a transfer of ownership planned for early February 2024.
Agridry, established in 1976, manufactures drying and aeration equipment with a focus on product development for markets including grain, almonds, pulses, nuts, wood chip and other commodity products. Its brands include Predator, Goliath, Tundra, Kinetic and Tanami.
Morrison Industries, based in Forbes, NSW, presently manufactures silos under the HE Silos brand. The two activities of silos and dryers are expected to complement each other and give the company a broader customer offer.
The present owner of Agridry, Adam Montgomery, said that while he had some reluctance in selling the business, he was delighted that a family business such as Morrison Industries would guide Agridry through the next phase of its business activity.
Montgomery will leave Agridry to concentrate on his other established business interests.
Related stories:
- HE Silos catches up with the neighbours
- HE Silos fights food shortages
- HE Silos bounce back after flooding
Morrison Industries managing director and owner, Steven Morrison, said that Morrison Industries had wanted to expand their activities into the grain drying market for some time and the acquisition of Agridry fulfils this objective.
Morrison said that the Toowoomba manufacturing site would remain as the key location for the dryer operation and the business will continue to be run by the present management and supported by existing staff.
Given improved weather conditions in most growing regions across Australia, Agridry products are continuing to receive significant buyer interest for the year ahead.
The sale was conducted by Lloyds Business Brokers with Wayne Fischer Lloyds Agricultural Adviser and Lloyds Managing Director Garry Stephensen handling the sale process.