COMPANY PROFILE

Inghams Group Limited

26 June 2022

IBISWORLD.COM 03 9655 3881 INFO@IBISWORLD.COM

Inghams Group Limited June 2022

Company Details
Overview

$2.7bn $2.5bn $35.1m 6,562

REVENUE ASSETS NPAT EMPLOYEES

Annual Growth Annual Growth Annual Growth Annual Growth

2018–22 2018–22 2018–22 2018–22
2.2% 18.8% -9.9% -4.5%

Annual Growth 2018–22 Annual Growth 2018–22 Annual Growth 2018–22 Annual Growth 2018–22

Description Inghams is a Public Company that generates the majority of its income from the Poultry Processing
industry.

In 2022 the company generated total revenue of $2,714,000,000 including sales and other revenue. In
2022 Inghams had 6,562 employees including employees from all subsidiaries under the company's
control.

The Chief Executive of Inghams is Mr Andrew Reeves whose official title is Chief Executive Officer &
Managing Director . The Chairman of Inghams is Mrs Helen Nash whose official title is Non-Executive
Chairman.

Company Snapshot REGISTERED Inghams Group Limited

NAME
TRADING NAME Inghams
ASX CODE ING
RANK 209
ACN # 162 709 506
ABN # 39 162 709 506
TOP INDUSTRY C1112 - Poultry Processing
TYPE Public Company
CEO Mr Andrew Reeves
TITLE Chief Executive Officer & Managing Director
INCORPORATION 06-Mar-2013
DATE
ADDRESS Level 4 1 Julius Ave
NORTH RYDE New South Wales
Australia 2113
WEBSITE www.inghams.com.au
PHONE NUMBER +61 2 9602 8744

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Inghams Group Limited June 2022

SWOT Strengths and weaknesses take into account internal factors, and are based on Inghams’s performance in
comparison to its competitors. Opportunities and Threats focus on external influences, and are based on
trends and demand in the Poultry Processing industry and the Retail Trade sector.

Strengths
Current Ratio Return on Equity
1.0 22.2%
Inghams Group Limited's current ratio is higher Inghams Group Limited's return on equity is
than the peer average, without being high enough higher than the peer average.
to signal inefficient use of current assets.

Weaknesses
Revenue Growth Return on Assets
1.7% 1.4%
Inghams Group Limited's revenue growth is below Inghams Group Limited's return on assets is
the peer average, so the business is not keeping lower than the peer average.
pace with competitors.

Opportunities
Low Imports Low Customer Class Concentration
Low Capital Requirements
Threats
Low Profit vs. Sector Average High Product/Service Concentration
Low Revenue per Employee

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Inghams Group Limited June 2022

Operating Divisions

Segment Name Revenue Profit Assets

AUD000 AUD000 AUD000
Production & Sale of Poultry Products 2,714,000 35,100 2,542,900

Total 2,714,000 35,100 2,542,900

Operating Divisions
Inghams Group Limited, trading as Ingham's, is involved in the farming, processing and distribution of chicken and turkey products
throughout Australia and New Zealand. Ingham's product range includes, but is not limited to:

Chicken:

 New York Buffalo Chicken Bites

 Nashville Hot Chicken Chips

 American Burger Chicken Bites

 Carolina Gold Chicken Chips

 Free Range Chicken Breast Nuggets

 Free Range Chicken Tenderloins - Wholemeal & Quinoa, Sweet Chilli

 Free Range Chicken Breast Garlic Butter Kievs

 Chicken Breast Munchies - Original

 Chicken Duets - Creamy Garlic, Broccoli & Cheese

 Fresh Whole Chicken

 Fresh Chicken Breast Fillet

 Chicken Diced Breast

 Gourmet Roasting Portions

 Boneless Chicken - Apricot and Herb

 Chicken Stuffed Breast - Creamy Garlic

 Chicken Tenders - Sweet Chilli

 Chicken Schnitzel

 Chicken and Cheese Schnitzel

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Inghams Group Limited June 2022

 Chicken Breast Tenders - Original; Sweet Chilli; Southern Style & Honey Soy

 Gluten Free Chicken Breast Tenders - Original

 Chicken Breast Schnitzel

 Chicken Breast Nuggets

 Cheesy Chicken Nuggets

 Microwaveable Chicken Nuggets

 Chicken Breast Chipees

 Chicken Breast Kiev - Garlic Butter

 Ingham’s Chicken Kiev Cordon Bleu

 Ingham’s Chicken Wing Dings - Devil Crumb

 Roast in the Bag - Garlic Butter & Lemon and Herb

Turkey:

 Fresh Turkey Mince

 Turkey Breast Strips

 Fresh Turkey Wings

 Fresh Turkey Drumsticks

 Self Basting Whole Turkey

 Self Basting Turkey Breast Buffe

Inghams also produces stockfeed which it uses internally and sells to the equine, poultry and pig industries.

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Inghams Group Limited June 2022

Key Personnel
Company Personnel * Appointed to the Board of Directors

Chief Executive
Chairman Financial Controller
Andrew Reeves
Helen Nash Gary Mallett
Chief Executive Officer &
Non-Executive Chairman * Chief Financial Officer
Managing Director *

Position Type Full Name Title Salutation Initials

Chairman Helen Nash Non-Executive Chairman * Mrs HEC

Chief Executive Andrew Reeves Chief Executive Officer & Managing Director * Mr A

Financial Controller Gary Mallett Chief Financial Officer Mr GJ

Chief Operating Officer Anne-Marie Mooney Chief Operations Officer Ms A

Chief Operating Officer Edward Alexander Chief Executive Officer New Zealand Mr E

Non-Executive Director Linda Nicholls Non-Executive Director * Ms LB

Non-Executive Director Michael Ihlein Non-Executive Director * Mr MF

Non-Executive Director Rob Gordon Non-Executive Director * Mr RF

Non-Executive Director Robyn Stubbs Non-Executive Director * Ms R

Non-Executive Director Jacqueline McArthur Non-Executive Director * Ms J

Non-Executive Director Timothy Longstaff Non-Executive Director * Mr T

Company Secretary David Matthews Company Secretary Mr DA

Legal Officer David Matthews Chief Corporate Officer Mr D

Sales Manager Mark Powell Chief Customer Officer Mr M

Marketing Manager Seb Brandt Chief Marketing Officer Mr S

Procurement Manager Not Available Procurement Manager

Personnel Manager Grant Kerswell Chief People Officer Mr G

Computing/IT Manager Ian Forrester Chief Information Officer Mr I

Computing/IT Manager Richard Burke Chief Information Security Officer Mr R

Other Art Lankford Chief Agribusiness Officer Mr A

Gender Diversity

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Inghams Group Limited June 2022

Financials
At a glance

$2.7bn $2.5bn $35.1m 6,562

REVENUE ASSETS NPAT EMPLOYEES

Annual Growth Annual Growth Annual Growth Annual Growth

2018–22 2018–22 2018–22 2018–22
2.2% 18.8% -9.9% -4.5%

Annual Growth 2018–22 Annual Growth 2018–22 Annual Growth 2018–22 Annual Growth 2018–22

Profit & Loss Statement

Balance Date 26-Jun-2022 26-Jun-2021 27-Jun-2020 29-Jun-2019 30-Jun-2018

Reported Currency AUD AUD AUD AUD AUD

Currency Units AUD000 AUD000 AUD000 AUD000 AUD000

Revenue Items

Sales Revenue 2,713,100 2,668,800 2,555,300 2,489,800 2,373,900

Other Revenue 900 800 1,300 53,100 23,200

Total Revenue 2,714,000 2,669,600 2,556,600 2,542,900 2,397,100

Cost of Goods Sold 2,307,600 2,182,000 2,121,900 2,047,400 1,936,900

Depreciation 270,600 265,200 263,300 46,800 45,400

Interest

Interest Received 500 400 800 3,400 3,800

Interest Expenses 65,000 65,400 68,500 18,400 18,500

Profit & Loss

Share of Profits of Associates 400 400 300 200 100

EBITDA 369,800 443,200 387,100 240,900 211,500

Income Tax Expense -400 29,700 16,000 52,900 36,800

Continuing Operations After Tax 35,100 83,300 40,100 126,200 114,600

Outside Equity Interest 0.0 0.0 0.0 0.0 0.0

Profit Before Tax 34,700 113,000 56,100 179,100 151,400

NPAT 35,100 83,300 40,100 126,200 114,600

Audit

Audit Fees 778 807 753 795 730

Audit Other 8 43 159 90 64

Total Audit Fees 786 850 912 885 794

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Inghams Group Limited June 2022

Balance Sheet

Current Assets 26-Jun-2022 26-Jun-2021 27-Jun-2020 29-Jun-2019 30-Jun-2018

Cash at Bank 131,600 158,100 134,200 134,500 273,700

Trade Debtors 212,200 213,100 194,600 178,800 180,300

Inventory 238,700 196,100 217,000 166,700 145,900

Other Current Assets 152,100 135,100 144,700 181,400 154,700

Total Current Assets 734,600 702,400 690,500 661,400 754,600

Non-Current Assets

Receivables - - 300 0.0 0.0

Investments - - 1,900 1,800 1,800

Property & Plant Equipment 1,796,700 1,832,800 1,879,500 418,400 384,300

Intangible Assets 0.0 0.0 0.0 0.0 0.0

Other Non-Current Assets 11,600 9,800 0.0 0.0 0.0

Total Non-Current Assets 1,808,300 1,842,600 1,881,700 420,200 386,100

Total Assets 2,542,900 2,545,000 2,572,200 1,081,600 1,140,700

Current Liabilities

Trade Creditors 287,900 256,200 257,600 244,900 247,000

Interest Bearing Debt 186,700 184,200 185,200 0.0 0.0

Other Current Liabilities 261,700 262,600 228,900 224,700 177,900

Total Current Liabilities 736,300 703,000 671,700 469,600 424,900

Non-Current Liabilities

Interest Bearing Debt 1,615,800 1,646,400 1,736,000 398,300 419,100

Other Non-Current Liabilities 32,600 32,000 35,400 49,200 35,700

Total Non-Current Liabilities 1,648,400 1,678,400 1,771,400 447,500 454,800

Total Liabilities 2,384,700 2,381,400 2,443,100 917,100 879,700

Shareholder's Equity

Total Equity 158,200 163,600 129,100 164,500 261,000

Other

Balance Date 26-Jun-2022 26-Jun-2021 27-Jun-2020 29-Jun-2019 30-Jun-2018

Number of Employees 6,562 6,562 6,193 6,804 6,266

Number of Shares on Issue (end of

371,679,601 371,679,601 371,679,601 371,679,601 380,243,196
period)

Market Capitalisation (end of period)

973,801 1,479,285 1,189,375 1,494,152 1,452,529
('000)

Earnings per Share (basic)(cents) 9.5 22.4 10.8 33.8 30.8

Earnings per Share (diluted)(cents) 9.4 22.4 10.8 33.2 30.4

Qualified Audit Report No No No No No

Modern Slavery Statement n/a Lodged Not Required n/a n/a

Internal Auditor In-House Auditor

External Auditor KPMG

Enterprise Value 2,644,701 3,151,785 2,976,375 1,757,952 1,597,929

Book Value 158,200 163,600 129,100 164,500 261,000

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Inghams Group Limited June 2022

Growth & Ratios

Revenue & NPAT

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Inghams Group Limited June 2022

Financial Growth

Balance Date 26-Jun-2022 26-Jun-2021 27-Jun-2020 29-Jun-2019 30-Jun-2018 Average

Total Revenue Growth (%
1.7 4.4 0.5 6.1 -1.7 2.2
change)

Sales Revenue Growth (%

1.7 4.4 2.6 4.9 -2.1 2.3
change)

EBITDA (% change) -16.6 14.5 60.7 13.9 48.6 21.1

NPAT (% change) -57.9 107.7 -68.2 10.1 93.9 -9.9

Shareholders' Funds (%
-3.3 26.7 -21.5 -37.0 20.6 -6.1
change)

Total Assets (% change) -0.1 -1.1 137.8 -5.2 6.3 18.8

Employees (% change) 0.0 6.0 -9.0 8.6 -24.0 -4.5

Financial Ratios

Balance Date 26-Jun-2022 26-Jun-2021 27-Jun-2020 29-Jun-2019 30-Jun-2018

Return on Revenue (ROR) (%) 1.3 3.1 1.6 5.0 4.8

Return on Shareholders' Funds

22.2 50.9 31.1 76.7 43.9
(ROSF) (%)

Return on Assets (ROA) (%) 1.4 3.3 1.6 11.7 10.1

Pre-Tax Margin (%) 1.3 4.2 2.2 7.2 6.4

Net Profit Margin (%) 1.3 3.1 1.6 5.1 4.8

Revenue per Employee ($'000 per

413.0 406.8 412.8 373.7 382.6
person)

NPAT per Employee ($'000 per

5.0 12.7 6.5 18.6 18.3
person)

Effective Tax Rate (%) -1.2 26.3 28.5 29.5 24.3

Gearing (%) 93.8 93.6 95.0 84.8 77.1

Interest Cover (X) 1.5 2.7 1.8 10.7 9.2

Current Ratio (X) 1.0 1.0 1.0 1.4 1.8

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Inghams Group Limited June 2022

Operating Segments
Operating Divisions

Segment Name Revenue Profit Assets

AUD000 AUD000 AUD000
Production & Sale of Poultry Products 2,714,000 35,100 2,542,900

Total 2,714,000 35,100 2,542,900

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Inghams Group Limited June 2022

Operating Divisions
Inghams Group Limited, trading as Ingham's, is involved in the farming, processing and distribution of chicken and turkey products
throughout Australia and New Zealand. Ingham's product range includes, but is not limited to:

Chicken:

 New York Buffalo Chicken Bites

 Nashville Hot Chicken Chips

 American Burger Chicken Bites

 Carolina Gold Chicken Chips

 Free Range Chicken Breast Nuggets

 Free Range Chicken Tenderloins - Wholemeal & Quinoa, Sweet Chilli

 Free Range Chicken Breast Garlic Butter Kievs

 Chicken Breast Munchies - Original

 Chicken Duets - Creamy Garlic, Broccoli & Cheese

 Fresh Whole Chicken

 Fresh Chicken Breast Fillet

 Chicken Diced Breast

 Gourmet Roasting Portions

 Boneless Chicken - Apricot and Herb

 Chicken Stuffed Breast - Creamy Garlic

 Chicken Tenders - Sweet Chilli

 Chicken Schnitzel

 Chicken and Cheese Schnitzel

 Chicken Breast Tenders - Original; Sweet Chilli; Southern Style & Honey Soy

 Gluten Free Chicken Breast Tenders - Original

 Chicken Breast Schnitzel

 Chicken Breast Nuggets

 Cheesy Chicken Nuggets

 Microwaveable Chicken Nuggets

 Chicken Breast Chipees

 Chicken Breast Kiev - Garlic Butter

 Ingham’s Chicken Kiev Cordon Bleu

 Ingham’s Chicken Wing Dings - Devil Crumb

 Roast in the Bag - Garlic Butter & Lemon and Herb

Turkey:

 Fresh Turkey Mince

 Turkey Breast Strips

 Fresh Turkey Wings

 Fresh Turkey Drumsticks

 Self Basting Whole Turkey

 Self Basting Turkey Breast Buffe

Inghams also produces stockfeed which it uses internally and sells to the equine, poultry and pig industries.

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Inghams Group Limited June 2022

Industries by Operating Segment

Production & Sale of Poultry Products

Report Historical Growth Rates Forecast Growth Rates
2018/19 - 2022/23 2023/24 - 2027/28
C1112 - Poultry Processing in Australia 2.0% 0.9%

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Inghams Group Limited June 2022

Geographic Locations

Segment Name Revenue Profit Assets

AUD000 AUD000 AUD000
Australia 2,314,700 312,200 402,000

New Zealand 398,400 58,200 75,300

Unallocated 900 -335,300 2,065,600

Total 2,714,000 35,100 2,542,900

Geographic Locations - Ratios

Location Profit as Revenue % Profit as Assets %
Australia 13.5% 77.7%

New Zealand 14.6% 77.3%

Unallocated -37,255.6% -16.2%

Company 1.3% 1.4%

Key Ratios

Segment Name Profit as Revenue % Profit as Assets %

Production & Sale of Poultry Products 1.3% 1.4%

Company 1.3% 1.4%

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Inghams Group Limited June 2022

Competitor Benchmarking
Financial Ratios

Ratios Industry Average * Inghams 26-Jun-2022 Compared to Industry Unit

Asset Turnover Ratio 1.17 1.07 Lower Times

Cash Ratio 0.18 0.18 Higher Times

Creditors T/O 40.72 45.54 Higher Days

Current Ratio 0.96 1.00 Higher Times

Days Stock Held 34.92 37.76 Higher Days

Debtors T/O 17.63 28.54 Higher Days

Dividend Payout Ratio 0.00 N/C Lower Percent

Dividend Per Share 0.00 N/C Lower A$

Earnings Per Share 0.08 0.09 Higher A$

EBITDA 63,083.57 369,800.00 Higher A$ 000

Effective Tax Rate 9.67 -1.15 Lower Percent

Gearing 87.50 93.78 Higher Percent

Interest Cover 1.76 1.53 Lower Times

Inventory Turnover Ratio 10.45 9.67 Lower Times

Net Assets Per Share 0.66 0.43 Lower A$

Net Profit Margin 1.34 1.29 Lower Percent

NPAT/Employee 5.30 5.00 Lower A$ 000

PPE Turnover Ratio 2.87 1.51 Lower Times

Pre-Tax Margin 1.48 1.28 Lower Percent

Quick Ratio 0.68 0.67 Lower Times

Return on Shareholders Funds 12.51 22.19 Higher Percent

Return on Total Assets 1.56 1.38 Lower Percent

Revenue/Employee 652.13 413.00 Lower A$ 000

*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Poultry Processing industry.

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Inghams Group Limited June 2022

Growth Ratios

Ratios Industry Average * Inghams 26-Jun-2022 Compared to Industry Unit

Asset Growth -7.50 -0.08 Higher Percent

Dividend Growth Rate 0.00 N/C Lower Percent

Employees Growth -37.56 0.00 Higher Percent

NPAT Growth -45.57 -57.86 Lower Percent

Revenue Growth 2.95 1.66 Lower Percent

*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Poultry Processing industry.

Valuation Ratios

Ratios Industry Average * Inghams 26-Jun-2022 Compared to Industry Unit

Price-to-Earnings (PE) 27.72 27.72 Lower Times

Price-to-Book (PB) 3.95 6.16 Higher Times

Enterprise Value/EBITDA 7.96 7.15 Lower Times

Enterprise Value/Sales 0.93 0.97 Higher Times

*Industry Average refers to the average of all companies in the AU & NZ Enterprise Profiles database that are identified as primarily
operating in the Poultry Processing industry.

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Inghams Group Limited June 2022

Shareholders
Substantial Shareholders

Shareholder Name % Held Country of Incorporation

AustralianSuper 9.8% Australia

Mondrian Investment Partners Ltd 8.9% United Kingdom

Franklin Resources Inc 6.2% USA

Aware Super 5.4% Australia

FMR 5.0% Not Available

Largest Shareholders

TOP 20

Percentage Held by Top 20

Shareholders

70.5% Held

Shareholder Name % Held Country of Incorporation

Percentage Held by Top 20 Shareholders 70.5% Not Available

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Inghams Group Limited June 2022

Subsidiaries

Holding company

HOLDING COMPANY

Inghams Group Limited

100.0% Held

Name % Held Country of Incorporation

Inghams Group Limited 100.0% Australia

Joint ventures

JOINT VENTURES

AFB International Pty Limited

50.0% Held

Name % Held Country of Incorporation

AFB International Pty Limited 50.0% Australia

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Inghams Group Limited June 2022

Subsidiaries

# OF SUBSIDIARIES

15

Name % Held Country of Incorporation

Adams Bidco Pty Limited 100.0% Australia

Agnidla Pty Limited 100.0% Australia

Aleko Pty Limited 100.0% Australia

Free Ranger 100.0% Australia

Inadnam Pty Limited 100.0% Australia

Ingham 2 Pty Limited 100.0% Australia

Ingham Enterprises Pty Limited 100.0% Australia

Ingham Holdings II Pty Limited 100.0% Australia

Ingham Holdings III Pty Limited 100.0% Australia

Inghams (NZ) No 2 Limited 100.0% New Zealand

Inghams Enterprises (NZ) Pty Limited 100.0% Australia

Inghams Enterprises Pty Limited 100.0% Australia

Inghams Property Management Pty Limited 100.0% Australia

Ovoid Insurance Limited 100.0% Bermuda

Ovoid Insurance Pty Limited 100.0% Australia

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Inghams Group Limited June 2022

History
Overview

Incorporation Date 2013

2022 - November: Inghams Group Limited have flagged price increases from rising energy, transport, feed and logistic costs. Feed
and transport are Inghams largest costs, with Russia's war on Ukraine constraining global grain supply.

January: The impact of Covid-19 on severe staff shortages, has resulted in Inghams Group Limited halting production of some items
and lower manufacturing volumes. Inghams is a key poultry supplier to McDonald's and KFC, with them experiencing supply chain
disruptions and shortages with from its chicken suppliers.

2020 - December: Inghams Group announced the sale of the NZ dairy nutrition business to SunRice Group for a consideration of
NZ$11.5 million.

2019 – January: Under the Modern Slavery Act 2018 (Cth), Inghams Group Limited will be required to submit a report by the 31st of
December 2020, detailing their actions taken to address to the risk of modern slavery in their operations and supply chains.

2018 - October: Inghams Group completed the sale of its Mitavite Feed Business operations to Hygain for a consideration of $59.5
million.

June: The company announced that it would shift the majority of its processing operations from its Cleveland, Queensland facility to
its three pre-existing locations in South Australia, Victoria and New South Wales.

2017 - May: Inghams Group announced plans to build a new feed mill near Muchea, Western Australia. As part of the plans, the
current facility at Wanneroo will be sold.

2016 - November: Inghams Group Limited began trading on the ASX under the code ING.

October: Ingham Holdings II’s ultimate parent, Ingham Holdings I Pty Ltd converted to a public company and changed its name to
Inghams Group Limited.

June: Inghams announced its intentions to close its Cardiff production plant in August.

2014 - August: Inghams announced that it would close its South Australia factory and relocate its turkey processing to two existing
New South Wales factories.

June: Inghams announced its intentions to close its Byron Bay processing plant in October.

April: Private equity firm, TPG announced it would sell approximately $600 million of Ingham Enterprises properties.

2013 - March: Inghams Group was sold to the US-based private equity group TPG Capital for a total consideration of $880 million.

Also during the month, Ingham Holdings II Pty Ltd was incorporated in New South Wales and became the new parent entity.

2011 - The company acquired Sunnybrand Chickens, a Byron Bay chicken processing company.

2004 - Inghams Enterprises acquired the remaining 74% share of Chickadee Foods Pty Ltd, a producer of poultry and value-added
chicken products, thereby attaining complete ownership.

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Inghams Group Limited June 2022

1995 - The company opened a processing plant to produce fried chicken in the nugget style.

1994 - Inghams Enterprises acquired the remaining 50% of AA Tegel.

1976 - Inghams Enterprises established a partnership with KFC.

1963 - Inghams Enterprises bought 50% of the New Zealand poultry farming business AA Tegel.

1958 - November: Inghams Enterprises set up a processing plant in Casula, New South Wales.

1918 - Inghams Enterprises was founded in Liverpool, New South Wales.

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