Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


T&G confirms Apollo Apple talks as it plans for growth

Turners and Growers confirms Apollo Apple talks as it plans for growth

By Suze Metherell

Feb. 7 (BusinessDesk) – Turners & Growers, the fruit marketer controlled by Germany’s BayWa Aktiengesellschaft, has confirmed acquisition discussions with Hawke’s Bay orchard and packaging company Apollo Apples as it announces its new strategy for growth.

In a statement to the NZX the Auckland-based company confirmed a media report that it was in talks with Apollo, but said “discussions may not ultimately lead to a transaction and, if any agreement is entered into, it is expected to be conditional upon various matters.”

Turners & Growers announced its new strategic blueprint after a 12 month consultation period. It said it will strengthen its focus on international trading opportunities, including outside of its key fruits of pipfruit, grapes and kiwifruit.

The company said it continued to recognise the on-going importance of it domestic business, which remained a key component of the new strategy.

Part of the strategy includes continuing to work with New Zealand Trade and Enterprise’s Better by Design programme, as well as strengthening its partnership with BayWa to expand opportunities both locally and overseas.

“Having a global focus is critical to explore new markets, new products and new opportunities,” Alastair Hulbert, T&G’s chief executive, said in a statement. “We see great potential for us to leverage our expertise, our intellectual property and our processes to grow our international business significantly in the coming years.”

The blueprint comes after a period of uncertainty for the company. Last year the former chief executive, Geoff Hipkins, quit suddenly amid media reports of a breakdown in working relationships with senior management. Hulbert took over the lead role several months later.

Reporting its first-half profits in August last year, the company forecast it was track to “exceed the profitability of 2012” when it reported a net loss of $15.3 million due to write-downs in the value of its kiwifruit orchards.

The shares, of which BayWa owns about 73 percent, were unchanged at $1.82 and have gained 10 percent in the past 52 weeks.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:


Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news