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NZ: Purchase of third-largest apple producer approved

The Overseas Investment Office (OIO), the New Zealand government agency that deals with foreign investments, has approved the acquisition of Apollo Apples Ltd. by Turners & Growers (T&G). The purchase agreement can now be completed following the granting of regulatory approval. T&G will finance the purchase price of NZD36 million (approx. €23 million) entirely on its own. The acquisition of New Zealand’s third-largest apple producer increases BayWa’s share of the country’s apple exports to approximately 35%.

“Apollo is an important element in our international growth strategy in fruit trading, and one that we will now incorporate into our Group. We are delighted that T&G and Apollo will now finally start cooperating and will be able to continue growing together,” Klaus Josef Lutz, Chief Executive Officer of BayWa AG, said about the news.

Apollo sells approximately 30% of its annual export volume to Asia; roughly another 30% is sold to Europe. The total annual trading volume of the company is approximately 25,000 tonnes of apples. Apollo employs some 120 people and generated revenues of around €32 million in 2013.

For more information:
Thomas Berger
BayWa AG
Phone: +49 89/92 22-36 92
Fax: +49 89/92 22-36 98
E-Mail: thomas.berger@baywa.de 

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