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AgResearch sale, purchase agreement with Canesis

AgResearch signs sale and purchase agreement with Canesis

14 November 2006

Statement by Andrew MacPherson, CEO of Canesis Network Ltd and Dr Andrew West, CEO of AgResearch.

Two of the country’s leading agricultural science and technology companies are now a step closer together with the signing by AgResearch of a sale and purchase agreement in relation to the business assets of Canesis Network Ltd.

With the signing, AgResearch has announced plans to fully integrate Canesis Network’s business into AgResearch.

The sale and purchase agreement involving privately owned Canesis Network and Crown Research Institute, AgResearch, was announced to Canesis staff this morning.

The majority of those involved in the research capability within Canesis Network will be offered employment with AgResearch but there will be 17 permanent positions at risk in the proposed new structure.

“These staff are being consulted with and professionally supported. Although the great majority of Canesis staff are being offered employment, we acknowledge that it’s a difficult time for those who are not,” said Canesis CEO Andrew MacPherson

AgResearch CEO Dr Andrew West said the purchase had been met with support from the sheep industry and Canesis clients as well as receiving Government approval.

“The integration of AgResearch and Canesis Network’s science and technology capabilities is one of the more significant moves in agricultural research in years. This consolidation of wool production, processing and product R&D in one research organisation is unparalleled in world terms. It offers exciting prospects for the industry,” said Dr West.

The deal is expected to bring major benefits to New Zealand’s $1 billion wool industry.


New Lincoln Campus

AgResearch has also announced that the land and buildings owned by the Wool Research Organisation of New Zealand and currently occupied by Canesis at Lincoln, would be used to accommodate both AgResearch and Canesis staff.

A number of AgResearch staff are scheduled to begin the move in the New Year and the remainder will move over the next 18 months.

When fully operational, the campus on the Canesis site would be occupied by a total of 180 people.

ENDS

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