The Macadamia Processing Company’s shareholders have approved the acquisition of Pacific Gold Macadamias Pty Ltd taking full control of the Bundaberg based processing facility and the world’s largest macadamia marketing company, Macadamia Marketing International.
This acquisition consolidates the Lismore-based company as the world’s largest macadamia processor and ensures it is well positioned to lead the world industry in a rapidly growing global nut market.
MPC Chairman Chris Ford said “Global supply is expected to double in the next five years so we need to ensure that we maintain our leading position and relevance in a global industry and continue to play a major role in developing new markets. Tapping into the rapidly growing supply base in Bundaberg is a key part of our plan,” Mr Ford said.
“The Board believes the acquisition of PGM enables MPC to achieve cost efficiencies through scale and diversity, greater operational flexibility and more control over our entire processing and marketing activities.”
MPC was established 35 years ago by local growers to process macadamias produced in the NSW Northern Rivers area – and has grown to be a major exporter with state-of-the-art processing facilities and a highly-skilled workforce.
“MPC will remain 100 per cent grower-owned and will continue to be operated for the benefit of growers,” said MPC Chief Executive Officer Mr Larry McHugh.
“It will be ‘business-as-usual’ for our growers with no change in way they supply nuts to Lismore and Bundaberg or in their day-to-day interaction with the MPC and PGM teams,” he said.
“One of the key goals from this acquisition and other investments we have is to provide stable and strong prices for Australian growers. This in turn ensures the investment our growers have made and continue to make in their farms is secured”.
“Our track record on prices is second-to-none with a record final price of $5.60 per kilogram nut-in-shell for the 2018 season – and a 2019 starting price of $5.40 per kilo.”