Sale. The Van Diemen’s Land Company is set to continue its history of foreign ownership after the Foreign Investment Review Board (FIRB) approved Moon Lake Investments’ application on Tuesday.
In making the decision the FIRB considered the impacts the sale would have on the company’s current employment, state and national economic growth, national security and the character of the investor, among other factors. The sale is compliant on Moon Lake Investments meeting Australian taxation laws.
VDL’s Chief Executive Officer David Beca welcomed the news in a release issued on Tuesday, saying: “We are looking forward to working with the new owners to further develop the potential of the dairy assets at Woolnorth and to further enhance the VDL brand in national and international markets.”
Federal Member for Braddon Brett Whiteley congratulated Moon Lake Investments on their business acquisition.
“This decision will disappoint some, but it will ensure VDL expands and will create more local employment,” he said.
“Jan Cameron’s alternative bid was always about strengthening her green credentials, not boosting milk production and creating more local employment.
He said he agreed with FIRB’s decision which is also mirrored by Circular Head Mayor Daryl Quilliam,
Circular Head Progress Group president John McNab and the state government.
“The north west values investment from Australians and overseas alike – when it is in the best interests of our region.”
Mayor Quilliam said he looks forward to seeing the growth of the region and subsequent jobs as a result of the sale.
“This is a very welcome decision that will see additional investment undertaken on the VDL farms, which will be a boost for our local economy,” he said.
“Job numbers are expected to double as a result of Moon Lake’s investment, which is also very welcome news.
“VDL is a major player in the Tasmanian dairy industry and I am confident that with this investment, it will only expand its role.”
VDL has been majority owned by New Plymouth District Council for seven years.
Operating a dairy support unit and a 12,000 heifer herd on 5000 hectares of land on it’s Woolworth property, it also runs an additional 18,000 cows over 7000 hectares throughout the north west of the state.
Moon Lake Investments owner Lu Xianfeng and VDL have assured employees, suppliers and buyers that it will be business as usual throughout the transition phase.
Moon Lake Investments will look to undertake various investment projects which will provide additional economic growth and likely double VDL’s employment.
This will guarantee more than 140 local jobs, generate a further investment possibilities and possibly an additional 95 jobs.
Mr Xianfeng has recognised the cultural importance and natural heritage of VDL’s land and is committed to honouring previous cultural and environmental agreements of the company, including in principle the construction of a ‘devil proof fence’ at the Woolnorth property to reduce the spread of the Devil Facial Tumour Disease.