Ridley Corporation to close Murray Bridge feedmill

Animal nutrition supplier Ridley Corporation (ASX:RIC) is to close its Murray Bridge feedmill in South Australia next month.

After a review of operations in South Australia and a prior year restructure of the Murray Bridge feedmill down to one shift per day, a decision was made to close the feedmill and consolidate SA production volumes into Ridley’s Wasleys feedmill north of Adelaide.

Ridley Chief Executive Officer and Managing Director Quinton Hildebrand says the annualised cash drain on the Ridley group is in the vicinity of $1.5 million.

He said employees have been offered alternative employment wherever possible within Ridley.

Shares in Ridley Corporation (ASX:RIC) are trading 0.3 per cent lower at $1.01.
 
Copyright 2019 – Finance News Network

Source: Finance News Network