VICTORIA's Kyneton-based beef and lamb processer Hardwicks Meats has joined forces with the Queensland based billion-dollar Kilcoy Global Foods.
The deal has been approved by the Foreign Investment Review Board.
The KGF and Hardwick agreement will see joint managing directors, Luke and James Hardwick, remain with the company during a transition period.
"Our parents Gary and Vikki founded Hardwicks Meats almost 50 years ago and today we are excited to join the Kilcoy Global Foods family," Luke Hardwick said.
"We are two complementary businesses, with similar values and goals, uniting under the global KGF banner.
"KGF will facilitate a capital injection to modernise our Kyneton plant leading to increased production, and from that an increase in the local workforce, which is great news for Kyneton and Victoria."
Mr Hardwick said the company was excited to be part of KGF's $1.5 billion global nature-to-plate food solutions operation that supplies food service and retail customers across Australia, the United States, Asia Pacific and the Middle East.
"It's an exciting time for our business and together with the senior KGF team, we have been briefing industry and supplier stakeholders, with the highest priority given to the 400-strong workforce at the Kyneton processing plant, all of whom will be retained," he said.
KGF President Australian Division, Jiah Falcke said KGF identified Hardwicks as an ideal partner for its existing operations in Australia and overseas.
"There are a lot of synergies between both businesses," Mr Falcke said.
"Hardwicks is a tier 1 plant and Kilcoy is a tier 2 plant and both businesses sell 100 per cent Halal and MSA operations with KGF a premium beef processor while Hardwicks processes beef, lamb and goat.
"Over the last five years KGF have invested over $150 million upgrading the Kilcoy plant, and have hired an additional 700 team members taking the workforce to nearly 1,700 staff who operate two shifts a day, seven days a week on the processing floor."
Mr Falcke confirmed KGF has no immediate plans to change the Hardwick name, with similar subsidiaries across the world continuing to operate under founding names.
"Like KGF, Hardwicks is instantly recognisable and highly respected both by producers and customers who equally stand to benefit from the new partnership," he said.
KGF exports 75 per cent of its Australian product to over 35 global markets and its vision was to expand into value added processing, with meal solution products across both retail and food service channels.
Hardwicks would also benefit from KGF's commitment to research and development, including a patent-pending labelling system that allows scanners to read data tagged on product inside the box, a breakthrough for the export market which is seeking trackable data on the nature and origin of product.
KGF has also partnered with Meat & Livestock Australia and the Australian Meat Processor Corporation to launch an Innovation Hub at its Sunshine Coast headquarters.
The Hub was designed to simulate global best practice in food service and retail testing facilities.
It features virtual reality and classroom learning, a meat processing operation and a full theatre kitchen.