Michael and John Borg have emerged as the $20.5m buyers of Glendower, while the Rand farm of Sussan Ley’s late campaign manager, Angus Macneil, is up for sale.
John and Michael Borg, founders of Central Coast-based manufacturing and recycling giant Borg, have added to their farming empire after emerging as the buyers of Glendower, a prime grazing property between Orange and Bathurst thatTitle records show the Borg brothers’ subsidiary, Plantation Pine Products Australia, is the new owner of the 1393-hectare property at 70 Callans Lane, Vittoria, in the NSW Central Tablelands.
It is the second major grazing property acquired by the Borgs in less than two years. In July 2021, they bought theProperty records show that through Plantation Pine Products, a timber harvesting business, the Borgs have accumulated a large agricultural portfolio of about two dozen properties. They include a 740ha farm at Euchareena, north of Orange, acquired for $12.8 million in February last year.last year said they were worth a combined $737 million, down from $776 million in 2021.
Borg employs more than 2000 people across 11 different businesses that undertake a range of enterprises, including manufacturing of melamine panels and pallets, the design and construction of factories, workplace training, recycling and timber growing. The latest accounts lodged with the Australian Securities and Investments Commission show Borg Manufacturing generated revenue of $861 million for the 12 months to June 2022 and profits before tax of $119 million.
Another Borg entity, Red Dot Holdings, generated revenue of $230.5 million and profit before income tax of $23 million over the same period.
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