T&G sells Kerikeri kiwifruit assets to Seeka worth USD 40 million
Category: #world  By Ojaswita Kutepatil  Date: 2018-04-23
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T&G sells Kerikeri kiwifruit assets to Seeka worth USD 40 million

Turners & Growers (T&G), a New Zealand based leading marketer, exporter, and distributor of premium fresh produce, has recently announced that it has sold its Kerikeri-based kiwifruit orchards, assets, and packhouse to Seeka Limited in a USD 40 million deal. Reportedly, under the terms of agreement, Seeka will be purchasing T&G’s post-harvest facilities in Kerikeri for storing and packaging of kiwifruit, avocados, and citrus.

Sources reveal that T&G has also sold out all of its 740,606 Zespri shares worth over USD 2 million to Seeka.

T&G’s Kiwifruit orchards, spanning over approximately 80 hectares, currently grow the ENZAGold, ENZARed, Hayward kiwifruit and its Zespri Sungold varieties, cite reliable sources. The company will however remain the trademark owner of the kiwifruit brands and will also have access to the fruits grown by Seeka for its existing customer base in NZ and overseas.

Michael Franks, CEO, Seeka, was quoted saying that starting a post-harvest facility in Northland has always been a priority and in this regard T&G’s Kerikeri region will prove rewarding for growing both kiwifruit and avocados. The company has its customer base for avocado & kiwi in the area and will continue offering service & support to the grower who supplied fruits to T&G, claimed Franks.

If reports are to be believed, April 30 and June 30 are expected to be the date of completion for the post-harvest sale and the orchard sale respectively. Post this Seeka is expected to retitle T&G’s Kerikeri facilities & operating business units as “Seeka Kerikeri”. The company further revealed that if required the deal is subject to Overseas Investment Office approval.

Andrew Keane, T&G's executive general manager, NZ, affirmed that the company is pretty satisfied to have secured a positive deal for its employees & kiwi growers in Northland. He further revealed that its staff & grower partners will benefit from Seeka’s ownership which has confirmed its long-term investment plans.



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Ojaswita Kutepatil

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Ojaswita Kutepatil

Ojaswita Kutepatil, a mechanical engineer by qualification, presently develops content for Market Size Forecasters, Algosonline, and other similar platforms. Having had a prior experience in Business Development and Technical Engineering, she now pens down articles pe...

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