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

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news