“My decision marks the next phase for the successful ongoing development of the company and is one that I, as sole shareholder, have considered for a number of years,” Bob Ingham, its sole shareholder, announced yesterday.
The company produces a wide variety of fresh and processed chicken and turkey products along with animal stock feeds and is believed to have recorded sales of over AU$2 billion in the year to June and has a 35% share of Australia’s poultry market.
The day-to-day operations of Inghams will continue as usual under the direction of the CEO Kevin McBain and his team. Investec Bank (Australia) Limited has been appointed to manage the process of identifying a suitable buyer. The process is expected to take several months.
Ingham Enterprises Pty Ltd currently employs around 9000 people in Australia and New Zealand. Its director of group services John Hexton said that while at this stage job losses are not envisaged as part of the transaction, the decision will be ultimately made by the new owner.
At this stage, no decision has been made with regards to a potential buyer. It is believed that a number of overseas buyers as well as several Australian bakery companies and grain producers, looking for potential diversification, could become possible interested parties.
