AUS: Buderim Ginger to buy Hawaiian nut firm
Australian food producer Buderim Ginger has signed a letter of intent to acquire all of the assets of MacFarms, a macadamia nut processor.
The move to buy the Hawaii-based processor, which currently holds a leading position in the largest macadamia market, the US, will include the lease of a 3,903 acre orchard owned by Kapua Orchard Estates, an affiliate of MacFarms.
John Ruscoe, Buderim chairman, said the proposed transaction is subject to completion of due diligence, the satisfactory negotiation of a definitive sales and purchase agreement and financial approval.
The transaction is expected to close early next month.
"We are very excited about the opportunities this acquisition will open up for us," said Ruscoe. "After the acquisition, the company will become arguably the largest processor and marketer of macadamia nuts in the world."
Buderim Ginger is undertaking a shareholders purchase plan to provide funding flexibility for acquisitions in line with the company's speciality foods strategy.
"The MacFarms acquisition will be a further foundation stone in this process," Ruscoe added.
- US food next wave on display at Winter Fancy Food
- Does Kraft Heinz want to swallow Unilever whole?
- Focus: Nestle CEO plan to balance sales, earnings
- Comment: Meal kits in US - don't believe the hype
- Wessanen eyes growth in "resurgent" organic market
- Kraft Heinz pulls Unilever bid
- General Mills issues profit warning
- Kerry operating earnings strengthen on slow sales
- Kerry Group staff in Ireland suspend strike action
- Kerry's Scanlon to replace McCarthy as CEO