The company has will announced it will expand into New Zealand after signing a purchase agreement to acquire the dairy nutrition business of Ingham's, which produces and sells dairy and calf feed products, particularly in the key Waikato dairy region of the North Island.

The sale includes Ingham's' feed mill at Hamilton and direct-to-farm and packaged dairy business in New Zealand under the "Top Cow" and "Top Calf" brands.

This latest news follows on from CopRice's purchase of the dairy and beef business of Riverbank Stockfeeds in August, which has enabled it to strengthen its position in the Victorian beef and dairy market.

SunRice Group chairman Mr Laurie Arthur said labelled the New Zealand expansion as a "significant and strategic acquisition for CopRice.

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"Disciplined management despite the challenges of 2020 has ensured our balance sheet has remained strong, and we are focused on continuing to leverage that strength to acquire value-accretive businesses," he said.

"The acquisition will see CopRice take its deep dairy nutrition expertise to one of the world's largest dairy production countries, building on our existing export business into New Zealand by adding local production capability.

"We have made a number of recent investments in the CopRice business, including the repurposing of the former Coleambally SunRice mill, the acquisition of Riverbank Stockfeeds' dairy and beef business, and investment in our Wangaratta site to reconfigure it into a manufacturer of companion animal products."

The cost of the business is expected to be about NZD $11.5 million and completion of the sale should occur by the end of March.

CopRice expects to generate synergies from introducing its concentrate expertise to the New Zealand market and expanding its dog and horse food range through having a greater local presence.

The purchase price will be funded from existing cash reserves and available debt facilities. The acquisition is expected to be earnings per share accretive.