Media Statement – Auscott Limited
Auscott announces the sale of the company to Australian Food and Fibre.
An agreement has been reached for the sale of Auscott Limited (“Auscott”) to Australian Food and Fibre (“AFF”). The transaction is for the whole company, by way of a 100% share sale and includes all properties as well as the ginning, warehousing, classing, and marketing businesses.
Ashley Power, Chief Executive Officer and Managing Director of Auscott said: “The bringing together of Auscott and AFF creates significant production, processing and marketing scale across this integrated supply chain. This will support mill and brand customers in terms of a much larger, reliable, traceable supply from production through to the mill. This efficient supply chain will also support growers and the industry as Auscott continues to provide ginning and marketing services as it has done for 58 years”.
James W. Boswell, Chairman and CEO of J. G. Boswell Company, the owner of Auscott, said “We are proud of our history of achievement and support of the development of the Australian cotton industry. We have stood together with growers, employees, and the community for over 58 years, to build something truly world class. Our company has been involved in the development of Auscott for three generations, and it has been a big part of our lives since 1963. We want to express our appreciation to all the people who have contributed and guided Auscott to its success. We are pleased and grateful that Auscott, and its people and their communities, will continue to grow under the leadership of AFF. We sincerely wish success for everyone involved”.
Greg Quinn, PwC dealmaker who led the transaction, said “I am very pleased to be involved in the process that has ultimately brought these two great companies together, which will create a new world class integrated agribusiness that will be beneficial for the whole industry”.
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