2010-07-22

SEALES AND GLENCORE REACH AGREEMENT

Athol Ryan/Seales CFO, James Maw/Glencore, David Mattiske/Glencore, Ross Hyland/MD of Seales

North Island stock feed Company achieves important strategic agreement.

Today Ross Hyland the Managing Director of Waikato’s leading stockfeed Company Seales Ltd announced they had reached agreement with the world's largest commodity trader Glencore. The agreement will allow Seales to move forward positively around future raw material supplies.

Glencore Australian CEO Chris Brookes has stated that Glencore is pleased to have concluded the agreement with Seales, as Glencore sees Seales as a market leader in the supply of quality nutritional feeds to the N.Z. dairy industry.

Glencore believes N.Z. farmers deserve a credible alternative supplier and the combined strength of Glencore's global network with Seales NZ based manufacturing capacity and local knowledge of the New Zealand market, will provide N.Z. farmers with choices over supplementary feed decisions. The rollout of Seales National Manufacturing and Distribution Strategy over the next 12-18 months was also a key factor in Glencore’s support of Seales.

Seales has appointed Mr Tony Moffat to manage this supply chain business with Glencore. My Moffat’s previous strategic role within Seales has been taken over by the appointment of Dr Andrew West, who will be heading up strategy along with Research and Development.

Mr Hyland says “Seales is working on a number of supply chain initiatives including leasing its first bulk storage facilities at the Port of Tauranga”.

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