New Zealand meat processor Richmond has said it is to sell its Waitotara lamb processing plant for NZ$11.5m (US$7.4m).

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The plant is to be sold to privately-owned Canterbury Meat Packers in a deal subject to due diligence and regulatory approvals, reported Reuters.


“(The sale) will better align the company’s lamb processing capacity in a changing livestock market and remove some overheads in our lamb business,” chairman Sam Robinson was quoted as saying.


The sale is expected to be completed by March 2004.


 

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