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Webster Limited

Webster acquires cropping rights to 442 hectares of walnut orchards in NSW

The company, originally founded as a traditional pastoral house, is Australia’s fourth oldest business and is now a diversified food and agribusiness.

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Webster is the southern hemisphere’s largest producer of premium in-shell and kernel walnuts

Webster Limited (ASX:WBA) is acquiring the cropping rights to 442 hectares of walnut orchards in the Riverina district of New South Wales for about $10 million.

The rights to crop on the walnut orchards are currently owned for a defined period by investors in two AGW Management Investment Schemes (MIS) and are maintained and operated by Webster on behalf of the MIS.

Webster now holds 1,800 hectares of owned walnut orchards

Webster chief executive officer Maurice Felizzi said the acquisition would allow the company to realise further synergies in the walnut operations without the additional administrative and cost burdens involved in dealing with the MIS.

The company now has 1,800 hectares of owned walnut orchards, a further 600 hectares of immature walnut orchards and is planting a further 350 hectares in 2019.

The acquisition will be funded from Webster’s existing debt facilities.

Webster is the Southern Hemisphere’s largest producer of premium in-shell and kernel walnuts, accounting for around 90% of Australia’s annual walnut crop.

Quick facts: Webster Limited

Price: $1.26

Market: ASX
Market Cap: $456.43 m
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