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

 

Court Ruling: Kiwifruit NZ Ordered To Consider Collaborative Marketing Proposals

The High Court has told kiwifruit marketer Zespri to reconsider collaborative marketing proposals from Splice Fruit and Seeka Kiwifruit to sell fruit offshore that its board had previously rejected. More>>

ALSO:

Electric Vehicles: No Road User Charges Feature In Govt Package

Drivers of electric vehicles won't have to pay road user charges and will be allowed to drive in bus lanes as part of a new government plan to double EV numbers annually to a target 64,000 by 2021. More>>

ALSO:

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news