RIYADH, SAUDI ARABIA — Minerva Foods and the Saudi Agricultural and Livestock Investment Company (SALIC), a subsidiary of the Public Investment Fund, recently acquired one of Australia’s largest meat producers, Australian Lamb Company (ALC). Through a joint venture between Minerva and SALIC, known as Minerva Australia, the companies acquired 100% of issued shares in ALC for AU$400 million (US$252 million).
With two processing facilities in Victoria State, ALC processes up to 3.78 million heads annually, equivalent to 100,000 tonnes of lamb and sheep meat.
According to SALIC Group’s chief executive officer, Sulaiman Al-Rumaih, is part of the company’s strategy to contribute to national food security objectives through global investments in countries with competitive advantages. Australia accounts for 42% of global red meat exports.
In 2018, SALIC acquired its first Australian establishment, Merredin Farms, and the company partnered with Minerva Foods, which owns and operates two processing facilities in Western Australia, in 2021.
Minerva Foods operates over 27 meat packing plants and exports to over 100 countries around the world.