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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news