EastPack eyes $30m capital raise
Kiwifruit and Avocado packhouse, EastPack has announced its intentions to raise $30 million via an issue of five-year subordinated notes to New Zealand investors.
EastPack, a post-harvest operator within the Kiwifruit industry, has been named Co-operative of the Year at the 2022 Co-operative Business NZ Awards.
The awards also saw former FMG chief executive Chris Black take home the award for Outstanding Contribution to Co-operatives. Zespri and NZ Blackcurrants Co-operative were also recognised with Enduring Service Awards.
EastPack chief executive Hamish Simson says the co-operative is delighted to be recognised as the 2022 Cooperative of the Year.
“The award reflects the hard work of many people including our local growers and committed staff,” Simson says.
“In what has been a challenging period for the industry, EastPack has delivered a strong performance for its growers, delivering above industry average orchard returns and low fruit loss, while at the same time delivering increased local employment and recording high staff engagement,” he says.
Simson says that as well as responding to a range of challenges, EastPack is preparing for growth.
“Over the next five years, kiwifruit are set to grow significantly. To accommodate this growth in international demand, we will continue to expand our packing capacity to process the additional kiwifruit from our growers. Most of this growth is already planned and on its way,” he says.
Earlier this month, EastPack announced a $30 million notes issue to meet the forecast growth in kiwifruit demand. The offer closes on 12 December 2022.
Cooperative Business NZ represents New Zealand’s member-owned businesses (cooperatives and mutuals). The Cooperative Business NZ Awards highlight the outstanding leadership and accomplishment of these businesses and their leaders.
A US-based company developing a vaccine to reduce methane emissions in cattle has received another capital injection from New Zealand’s agriculture sector.
Wools of New Zealand has signed a partnership agreement with a leading Chinese manufacturer as the company looks to further grow demand in China and globally.
Opportunities for Māori are there for the taking if they scale up their operations and work more closely together.
OPINION: Farmer shareholders of two of New Zealand's largest co-operatives have an important decision to make this month and what they decide could change the landscape of the dairy and meat sectors in New Zealand.
As the first of a new series of interprofessional rural training hubs opened in South Taranaki late September, Rural Health Network has celebrated the move as a "key pathway to encourage the growth and retention of health professionals in rural areas".
OPINION: Ageing lefty Chris Trotter reckons that the decision to delay recognition of Palestinian statehood is more than just a fit…
OPINION: A mate of yours truly recently met someone at a BBQ who works at a big consulting firm who spent…