Allied Farmers to bid for Temco

Press, 20 February 1980, Page 24

Allied Farmers to bid for Temco

PA Tauranga Moves have been made by a major stock and station and produce exporting firm, Allied Farmers Co-op, Ltd, to take over the Taurangabased poultry enterprise Temco. The directors of both organisations met in Tauranga on Monday and later announced that agreement in principle had been reached for Allied Farmers to submit a formal notice of a takeover scheme, to Temco in the next few days. News of the plan to bid was announced in a joint statement issued by the Allied Farmers chairman (Mr D. C. Hazard) its managing director (Mr D. C. MacKenzie) and the Temco chairman (Mr A. J. Harvey) who is also chairman of the New Zealand Poultry Board. Temco (Tauranga Egg

Marketing Co-operative, Ltd) is a long-established cooperative which has expanded its interests from the distribution of poultry farmers’ eggs into an extensive network of feed mills, abattoirs, and ancillary businesses.

Mr Hazard said that) Temco was an active, strong; and successful enterprise in! its, own right, and if the; take-over was. completed it I would, in the immediate future, continue to function on the same lines as at present, and under the Temco name. Mr Harvey was reluctant to put a value on Temco, but said it was “well in excess of .HIM.” The Temco annual report for 1978-79 showed turnover increased 4.8 per cent to SI3M, and net profit before tax of $371,955 was up 34 per cent.