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

 

Balle Bros buys Mr Chips from Simplot for undisclosed sum

Balle Bros buys Mr Chips from Simplot for undisclosed sum

Aug. 27 (BusinessDesk) – Pukekohe-based vegetable grower Balle Bros Group has acquired potato processor Mr Chips from a unit of Boise, Idaho-based JR Simplot for an undisclosed amount.

The deal will return Mr Chips, which traded on the New Zealand share market from 1993 to 2008 when it was taken private by Simplot Australia, to local control for the first time in five years.

Simplot paid about $71 million for the business in 2008, amounting to about 7.5 times earnings before interest, tax, depreciation and amortisation. Mr Chips had a profit of $5 million in the March 2008 year on sales of about $57 million.

In the year ended Sept. 1, 2012, Simplot Mr Chips had sales of $56 million and posted a net loss of about $22 million including a $17.6 million impairment to goodwill, according to statements lodged with the Companies Office. It made a loss of $22 million a year earlier, on sales of $63.9 million.

Mr Chips processes about 30,000 tonnes a year of French fries and has capacity to process 80,000 tonnes of potatoes. About 40 percent of its output is sold in Australia. For Balle Brothers the purchase renews a relationship that dates back to 1981 as a supplier and as a shareholder of the listed company from 1993. It continued to hold a stake after Mr Chips was taken private, exiting in 2010.

“We see potential further out to add additional product lines and pursue further exporting opportunities,” managing director Dacey Balle said in a statement.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Stats NZ: Annual Goods Trade Surplus At 28-Year High

New Zealand’s annual goods trade surplus reached a 28-year high of $2.2 billion as imports tumbled in the year ended October 2020, Stats NZ said today. “This is the largest annual surplus since the July 1992 year, driven mainly by much lower ... More>>

ComCom: How Real Is That Bargain?

The Commerce Commission urges retailers and consumers to think hard about the bargains being offered as ‘Black Friday’ and Christmas draw near. Black Friday has now overtaken Boxing Day in terms of retail spending, according to data from electronic ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>