TasFoods in Australia sells Pyengana Dairy to Research Corporation Pty Ltd. for A$2m to focus on poultry processing. Proceeds will pay down debt and strengthen supply chain. Sale includes cash, shares, and inventories. The move follows a strategic review and aims to expand the brand nationally and internationally.

The sale of Pyengana Dairy by TasFoods finalizes a process that began in August. Acquired in 2017 to diversify TasFoods’ portfolio, the cheese business will now have the opportunity to grow under new ownership. Research Corp. and AgFood are the only interested parties, transaction pending shareholder approval.

Post-transaction, Research Corporation Pty Ltd and AgFood will collectively retain 12.94% of TasFoods shares. An extraordinary general meeting (EGM) will be held for shareholder approval, likely in November. TasFoods will continue to manage Pyengana Dairy under a paid agreement to ensure operational goals are met and assist with growth plans.

Read more at Yahoo Finance: TasFoods secures Pyengana Dairy sale