Elders takes up share in Harvey Beef

29 Jun, 2006 07:00 PM

ELDERS has gone cow mad after beefing up its share in the meat market by acquiring 20pc of WA's biggest processor, Harvey Beef.

Elders WA livestock manager James Cornish said the company's share in Harvey Beef would reinforce its philosophy of value adding produce and promoting demand.

"Our relationship with Harvey Beef is an indication of our overall supply strategy," he said.

Mr Cornish said Elders was trying to be involved in many parts of the market chain, to establish direct relationships from producers through to consumers.

"And at the same time creating new markets," he said.

"We have an extensive international part of our business and we are always busily looking for new customers for our client's produce.

"And being involved with Harvey Beef is simply part of that chain."

Mr Cornish said Elders' share in Harvey Beef would not lead to preferential treatment for its clients.

He said beef cattle would be bought at the market price wherever they could be sourced.

Elders' Adelaide head office would not confirm to Farm Weekly which staff member would take up a position on the Harvey Beef board.

The announcement complements the company's most recent deal to supply Australian breeding cattle to Russia and their established WA feedlot program.

The first shipment of 3500 cattle will be bound for Vladivostock later this year.

The company's latest ventures have vastly increased the diversity of Futuris - Elders' parent company - that includes interests in the timber and automobile industries.

Meanwhile, creditors are still owed more than $35 million from former Harvey Beef owner EG Green and Sons.

WAFarmers dairy section president Tony Pratico was charged with heading the committee overseeing EG Green administrators, Ferrier Hodgson.

"I have had a considerable number of calls from creditors asking when they can expect payment and what we know," Mr Pratico said.

"I was told the creditors could expect payments by the end of this month, which would mean that the cheques would have to be in the mail now," he said.

But Mr Pratico was not aware of any creditors who had received their payout.

"I was told that everything is on track, which is good news, providing the payments actually happen," he said.

Ferrier Hodgson would not return Farm Weekly's calls this week to confirm a date for the creditor's payout.


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