Nov 12, 2018 / 21:23
Australia’s leading food exporter SunRice acquires Vietnamese processing mill
The deal marked the first direct financial investment of the Australian group in Vietnam, and is a step closer towards establishing a comprehensive and sustainable supply chain in the country.
SunRice Group, Australia’s leading branded food exporters, has acquired a processing mill in the Mekong Delta province of Dong Thap, the Vietnamese government portal reported.
The deal marked the first direct financial investment of the Australian group in Vietnam, and is a step closer towards establishing a comprehensive and sustainable supply chain in the country.
Following the deal, SunRice would invest to enhance and expand the mill, aiming to enhance its rice whitening and polishing capacity, along with a new packing line.
The mill is anticipated to be fully operational during the first half of 2019 with a processing capacity of around 260,000 tons of dry paddy per year.
Rob Gordon, SunRice’s CEO, said the acquisition is part of a series of investments to facilitate Sun Rice’s growth strategy until 2020.
SunRice has become an established player in the Mekong Delta rice industry and now accounts for over 5% of all Vietnamese rice exports and more than 50% of its Japonica style rice exports, according to Gordon.
Over the last three years, SunRice has bought Vietnamese rice worth US$200 million.
With revenues in excess of $1 billion and operations and markets spanning the globe, SunRice supplies close to 50 countries with diverse and nutritious food products, employing around 2,200 people across Australia, the Pacific, America, the Middle East, Asia and Papua New Guinea, the group claimed.
Illustrative photo.
|
Following the deal, SunRice would invest to enhance and expand the mill, aiming to enhance its rice whitening and polishing capacity, along with a new packing line.
The mill is anticipated to be fully operational during the first half of 2019 with a processing capacity of around 260,000 tons of dry paddy per year.
Rob Gordon, SunRice’s CEO, said the acquisition is part of a series of investments to facilitate Sun Rice’s growth strategy until 2020.
SunRice has become an established player in the Mekong Delta rice industry and now accounts for over 5% of all Vietnamese rice exports and more than 50% of its Japonica style rice exports, according to Gordon.
Over the last three years, SunRice has bought Vietnamese rice worth US$200 million.
With revenues in excess of $1 billion and operations and markets spanning the globe, SunRice supplies close to 50 countries with diverse and nutritious food products, employing around 2,200 people across Australia, the Pacific, America, the Middle East, Asia and Papua New Guinea, the group claimed.
Other News
- Better links with FDI firms to support Hanoi businesses
- Vietnam calls for more US investment in innovation, hi-tech
- Vietnamese leader urges Boeing to build production facility in Vietnam
- Foreign capital pouring into Vietnam's real estate market
- Vietnam news in brief - August 24
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
Trending
-
Semiconductor market reaches $18.2 billion: SEMIEXPO Vietnam 2024
-
Vietnam news in brief - November 7
-
Hanoi: Innovative crossroads to celebrate creative values
-
From tradition to trend: How modern approaches spark cultural pride in Vietnam's Gen Z
-
Hanoi works to make bus system greener
-
Capital Law to make Hanoi major center for quality education
-
Expatriate workforce in Hanoi: Growth engine requring thorough administration
-
Hanoi seeks partnerships to build skilled workforce for digital transformation
-
Adorable baby hippo wows Hanoi visitors