Alliance Group is making moves to strengthen its balance sheet, after announcing the proposed closure of a historic freezing works on Friday

Up to 600 jobs could get the chop at Timaru's Smithfield freezing works due to declining sheep numbers from land use changes.

BusinessDesk reports Alliance Chair Mark Wynne says shareholders have three options -- to front enough capital and remain farmer-owned, to establish a joint venture, or to sell the entire company.

Wynne says likely investors could include countries looking for food security, and other meat companies.

An investment bank is being appointed to help.