Sydney, September 12 (Patrika English News): Australia’s Bega Group has sold the assets of its Peanut Company of Australia (PCA) BUSINESS to local agri-food player Crumpton Group, a move that is expected to preserve around 30 jobs despite the planned closure of operations.
Bega announced in July that it would shut down PCA and its factories in Kingaroy and Tolga, Queensland, over 18 months after failing to establish a sustainable business model. The company cited ongoing financial losses and industry challenges as reasons for the decision.
Under the agreement, Crumpton Group will acquire the land, buildings, and equipment at both sites. The family-owned firm, based in South Burnett, is active in peanut shelling, roasting, and processing, and supplies raw peanuts to the Australian market. The deal is set to complete in December, with a full transition to the new owner expected by June 2026.
Bega CEO Pete Findlay said: “While it was always our preference to sell the Peanut Company of Australia, we are pleased that the land, buildings and equipment located in Kingaroy and Tolga will remain in local hands.” He added that Bega has worked with Crumpton Group to identify up to 30 roles for impacted staff.
Sonie Crumpton, co-owner of Crumpton Group, said the acquisition would allow the company to better support Australian peanut growers across regions and that discussions with farmers would begin soon regarding the next season.
The deal does not affect Bega’s peanut butter production, which will continue at its Port Melbourne facility. However, the company has been trimming assets elsewhere, including shutting its Strathmerton cheese facility in Victoria and a Canberra milk plant, shifting production to Penrith, New South Wales.
Bega reported an annual statutory loss of A$8.5 million for the year ending June 30, compared to a profit of A$30.5 million last year, partly due to restructuring costs. Normalised profit after tax rose 74% to A$50.8 million, with EBITDA up 23.1% to A$202 million.