Another Australian business entity has been put up on sale, this time its largest integrated poultry producer, Inghams Enterprises, after weathering the corporate storms for 94 years as a private company.
On Monday, the private firm, which had enjoyed more than $2 billion in sales so far this year, announced it had appointed investment bank Investec to sell the business. Inghams Enterprises, which has production and processing facilities in Australia and New Zealand, enjoys annual sales of A$2.1 billion ($2.14 billion).
"My decision marks the next phase for the successful ongoing development of the company and is one that I, as sole shareholder, have considered for a number of years," Bob Ingham, the long-standing and sole shareholder of Inghams Enterprises Pty Ltd, said in a statement.
The statement did not carry any sale price figure. It also did not limit criteria on potential takeover investors.
"At this stage, Ingham is working with its financial adviser, Investec, to assess all options for the company," a spokeswoman for Ingham was quoted as saying by news.com.au, noting offers from overseas bidders are welcome.
"While the intention is to sell the company, no decision has been made as to whom it will be sold to."
Bob Ingham, along with his late brother Jack, inherited the business in 1953 from their father. His grandfather, Walter Ingham, founded the business in 1918.
"Investec Bank (Australia) Limited has been appointed to manage the process of identifying a suitable buyer for Inghams from a broad range of potential bidders," he said.
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