Broadway buys more of SIDA

Press, 28 June 1989, Page 34

Broadway buys more of SIDA

Broadway Industries now owns 99.84% of the ordinary share capital of the South Island Dairy Association (SIDA), after acquiring the shares previously owned by Alpine Dairy Products and the Southland Dairy Co-operative. The transaction was for an undisclosed cash consideration, the managing director, Mr John Nichol, said. SIDA is the holding company for South Island Chemicals, Silver Dolphin Industries, and Mercer Stainless. Broadway Industries holding previously represented 80.6% of the ordinary share capital of SIDA. The directors consider that the degree of prosperity within New Zealand’s economy will be determined by the performance of this country’s primary industries. The acquisition of a further 19% of SIDA increases the Broadway Group investment in those companies servicing New Zealand's primary industries. This is further highlighted by the recent purchase by South Island Chemicals of the stock and debtors of Norton Griffith Veterinary Supplies enabling the extension of South Island Chemicals’ traditional business into the North Island, they say.