Thursday 6th Aug, 2020

SunRice to acquire FeedRite

SunRice’s animal food division, CopRice, has agreed to acquire one of Australia’s leading manufacturers of premium rice bran-based animal feed.

As part of SunRice’s 2022 Growth Strategy, CopRice has signed a purchase agreement to buy 100 per cent of FeedRite’s extrusion assets. The cost of the acquisition, as well as the capital expenditure upgrade and expansion of the site, it not expected to exceed $10 million.

The acquisition of FeedRite aims to allow CopRice to continue expanding its premium feed businesses. The move also complements SunRice’s supply of rice bran from its Riverina milling program.

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It also aims to support the SunRice Group’s $11 million investment in a food grade stabilised rice bran plant at Leeton, New South Wales, which will open in September 2019. The plant also allows SunRice to continue extracting value from by-products produced during the rice milling process.

SunRice’s 2022 Growth Strategy looks to strengthen the company’s existing profit businesses and provide increased resilience through expansion and diversification. The acquisition follows SunRice group member Riviana’s acquisitions of Roza’s Gourmet and House of Riz in 2018.

The acquisition is expected to be completed over the coming months, subject to a number of conditions.