Ruralco Holdings has restructured the operations of its subsidiary, Frontier International Agri (“FIA”) after the cancellation of its southern live export licence.
This has resulted in the closure of FIA’s Melbourne office and termination of all activities and staff associated with the southern business.
Costs associated with the restructuring are estimated to be in the range of $3-5m (pre-tax) and will be booked as a non-recurring charge to the FY16 results.
The Group has appointed Mr Will McEwin as Managing Director of the ongoing Frontier International Northern business.
Mr McEwin has significant experience within agribusiness extending across senior management positions within Australia and internationally.
He has a strong understanding of strategy, business performance improvement and process development.
He has been the CFO of FIA since the establishment of the business as a subsidiary of the Group three years ago.
-Ruralco
