Shandong RuYi Moves in on Lempriere Australia
May 27, 2016

According to the Australian paper, The Land, the Chinese-based textile group Shandong RuYi has made moves to buy the trading division of one of the country's oldest wool companies, Lempriere Australia. While the fifth-generation, family-owned company has declined to comment on the sale, widespread information in the industry confirms that the transaction was being finalized this week.

Shandong RuYi, a textile manufacturer owned by investors from China and Japan, forged a business relationship with the Lempriere Group in August 2012, following the joint purchase of Cubbie Station, near Dirranbandi, Queensland, valued at $240 million. The 96,000 hectare operation is managed by the Lempriere Group, on behalf of CS Agriculture - a joint venture between Lempriere and Shandong RuYi.

This season, Lempriere Australia is the fourth largest wool buyer, purchasing more than 7 percent of the national clip sold at auction, with 111,557 bales of predominantly Merino fleece. Founded in 1857, the company led by William Lempriere has been the world's largest wool merchant since 2009.

Rick Powers of the Lempriere USA office will provide a statement for next week's newsletter. The Land article is available at www.theland.com.au/story/3932971/shandong-ruyi-moves-to-buy-lempriere/?cs=4941.

Reprinted in part from The Land