Listed Australian horticultural firm Webster has announced the sale of it’s onion operation, Field Fresh Tasmania.
The A$10.5m (US$9m) sale will see Sumich, one of Australia’s largest carrot grower-marketers, take control of Field Fresh’s assets, plus the value of the division’s stock upon settlement. In a brief statement posted on the ASX website, Webster considered the sale price “slightly in excess of book value.”
Directors of both parties agreed to the terms of the deal ahead of Webster’s annual general meeting, being held in Sydney today (11 November). A contract of sale has been signed, with a settlement date set for 30 June 2015.
Field Fresh are significant players in both the domestic and international arenas, with over 50 per cent of it’s onion crop shipped to Germany in 2014. The company produces around 20 per cent of Australia’s total onion crop each year.
Webster will continue to run Walnuts Australia, a vertically integrated walnut growing, processing and marketing company that operates 2,235ha of plantations in Tasmania and New South Wales. Sumich is a joint venture between Dandaragan Farms and North East Equity, headquartered in Western Australia.