US: Two new contracts for Macadamia Orchards
Macadamia Orchards has signed two separate agreements to sell macadamia nuts to Mac Farms of Hawaii and Purdyco International.
The agreement with Mac Farms is for the sale of between 4.5m and 5.5m wet-in-shell pounds per year, while the deal with Island Princess is for a volume of around 2m pounds annually. Both contracts will take effect from 1 January 2007 and will run for five years.
Nut prices for both contracts will be mutually agreed every six months, based on market prices.
ML Macadamia Orchards currently sells its entire production to Mauna Loa Macadamia Nut Corporation, part of the Hershey's group. But four of the five nut purchase agreements with Mauna Loa expire at the end of 2006. Earlier this year, the company signed another contract to sell 6m pounds of nuts a year to Hamakua Macadamia Nut Corporation, with effect from 1 January 2007.
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