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

 

Blue Sky Meats acquires Clover Export

Blue Sky Meats acquires Clover Export, adding beef, venison processing

By Jonathan Underhill

Dec. 4 (BusinessDesk) - Blue Sky Meats, whose shares trade on the Unlisted platform, has agreed to acquire Gore-based Clover Export, adding processing capacity in beef and venison to the range of services it can offer to sheep and bobby calf customers, while attracting new suppliers.

No price was disclosed for the transaction. Chairman Graham Cooney said Clover is about 10-15 percent of the size of Blue Sky in terms of turnover. Blue Sky's revenue was $95.3 million in its 2014 year. More details may be given in the company's annual report after its March 31, 2015, balance date.

Clover's owners include European shareholders and, as part of the deal, Blue Sky has agreed to continue with Clover's horse meat processing on a toll basis for sale into the European market. Horse meat will be a small ongoing business, amounting to about "a day a month," Cooney said.

"This acquisition allows us to process all species for our clients," he said. Buying Clover soaked up existing processing capacity in the New Zealand market and was a better option than building more, he said.

"This purchase effectively removes an export license holder out of the New Zealand processing scene and therefore assists industry rationalisation," he said.

Invercargill-based Blue Sky ended talks with meat cooperative Alliance Group at the end of 2013 for a possible merger.

In April, two Chinese businessmen based in Auckland bought 11 percent of the company for $2.33 million, or $1.80 a share in an off market share transfer to become the third-biggest shareholder after Lowe Corp and HW Richardson Group. One of the investors, Cook Huang, has a business that exports New Zealand red meat, spring water, juice and chocolate to China.

Blue Sky shares last traded on Nov. 28 at $1.80 and have gained from $1.20 in the middle of the year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Statistics: Annual Inflation Hits A Three-decade High At 5.9 Percent
The consumers price index increased 5.9 percent from the December 2020 quarter to the December 2021 quarter, the biggest movement since a 7.6 percent annual increase in the year to the June 1990 quarter, Stats NZ said today... More>>



Digitl: Bumper year ahead for NZ IT sector

Gartner says New Zealand spending on technology products and services will grow 7.4 percent this year. The company’s latest forecast says the market will total NZ$15.3 billion in 2022... More>>



Fonterra: Lifts Forecast Farmgate Milk Price Range

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range to NZD $8.90 - $9.50 per kgMS, up from NZD $8.40 - $9.00 per kgMS. This increases the midpoint of the range, which farmers are paid off... More>>



Skoltech: Study Probes Earth’s Turbulent Past To Explain Where Oceans Came From

The origin of water on our planet is a hot question: Water has immense implications for plate tectonics, climate, the origin of life on Earth, and potential habitability of other Earth-like planets. In a recent study in Physical Review Letters, a Skoltech professor and his Chinese colleagues suggest... More>>


Statistics: Household Net Worth Grows In The September 2021 Quarter But At A Slower Pace Compared To March 2021

Household net worth grew by $60.7 billion in the September 2021 quarter compared with the June 2021 quarter, Stats NZ said today. This represents an increase of 2.5 percent, a similar result to the June 2021 quarter, which was up $60.6 billion or 2.6 percent... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>