Macadamia deal lauded
GLOBAL business giant Finasucre Group is taking another step to build its presence in the macadamia industry in Australia, entering into a partnership with New South Wales processor Macadamias Direct.
The Finasucre Group grows about 1800 tonnes of macadamias (nut in shell) a year in the Bundaberg region, which is acknowledged as the "powerhouse" region of the macadamia industry in Australia.
In 2019, the Finasucre Group bought a 1018ha property in North Bundaberg, adding a further 644 ha of mature orchards.
Finasucre bought the property for $59.2 million from the Hancock Agricultural Investment Group, a US-based farmland investor and major Australian nut orchard owner.
It has made Finasucre one of Australia's largest macadamia growing operations.
Finasucre, a Belgian family -based organisation, has a range of operations across the globe, including in Africa, The Netherlands and China, as well as three companies in Belgium.
The partnership with Macadamias Direct - a world-class macadamia processing and bulk marketing operation in Dunoon, northern NSW, was announced on Friday.
The NSW company processes about 12 per cent of Australia's total macadamia production, or 4 per cent of the world's production, and in the past three years has more than doubled in size.
"This investment in Macadamias Direct supports Finasucre's plans to continue strong growth, along with building its Australian macadamia operations," a Finasucre Group spokesperson said.
The Finasucre Group has global investments that supply sugar, lactic acid and its derivatives, and research biodegradable and recyclable plastics.
It sells also renewable energy.
In Africa, Finasucre has invested in a brick manufacturing business which will help supply building materials for housing across developing countries.
In Australia, operations include Bundaberg Walkers Engineering Ltd and Bundaberg Sugar.
Finasucre employs more than 4300 people worldwide.
"Australia is a leader in quality macadamia production, and the Finasucre Group have identified this as a growth area for our operations," the spokesperson said.
Macadamias Direct general manager Jon Perrin said: "This investment by Finasucre means Macadamias Direct has moved to another level in its ability to deliver a reliable supply of Australian macadamias.
"Investment by the Belgian family holding company will deliver a significant boost to Macadamias Direct's ability to capitalise on the growth of quality Australian macadamia kernel," Mr Perrin said.