Halter raises $165m, company valued at $1.65b
New Zealand tech company Halter has raised $165 million from investors in its latest fundraising round.
The New Zealand Meat Board (NZMB) oversees $2.6 billion of red meat exports to the quota markets of the European Union, United Kingdom and United States.
The quotas mean NZ exporters save tariffs worth $934 million every year - comprising $609 million for EU and UK sheepmeat and goatmeat, $6.8 million for EU high quality beef and $317 million for US beef and veal.
NZMB chair Kate Acland made the comments at the board’s virtual annual meeting held last week.
Acland told attendees that NZMB’s administrative role has expanded significantly since the board’s establishment more than a century ago.
“The NZMB has been working in the background for more than a century, ensuring seamless market access for our goods, and it’s also been funding industry good projects for many years.
“Prior to the UK’s exit from the EU, the NZMB administered three World Trade Organization (WTO) quotas.
“Two quotas were added following Brexit and a further two as a result of the NZ-UK Free Trade Agreement (FTA). A further three quotas will be added when the NZ-EU FTA enters into force, bringing the total to 10 quotas.”
There was strong interest in beef access under the new tariff free UK FTA beef quota, delivering positive signals into this market, she says.
“Between May 2023 and December 31 2023, more than 1,700 tonnes entered under this new quota with tariff savings of $9.9 million.
“Preparation for the EU FTA is underway and it is anticipated implementation requirements can be concluded for entry into force by mid-2024.”
Sam McIvor, chief executive of the NZMB, said the Board’s work during 2023/24 included planning to establish the management systems for administering the new FTA quotas.
“With support from the New Zealand Government, the NZMB successfully secured paperless quota certification in the US quota market, realising significant economic benefits for exporters. The Board is now seeking expansion of paperless quota certification to other quota markets.”
The NZMB also administers significant farmer reserves, currently standing at $79 million, held as a contingency fund to help New Zealand re-enter export markets in the event of a biosecurity incursion or disruption in quota markets.
Interest from this fund is used for industry-good projects. Following consultation with farmers, the Board is now considering proposals to allocate up to $700,000 in ongoing investment to the Informing New Zealand Beef (INZB) genetics programme and up to $1 million into a new programme focused on eradicating facial eczema in sheep.
New Zealand milk production is off to a strong start, with the first month of the 2025/26 dairy season recording a whopping 17.8% jump in milk production, compared to the previous season.
With adverse weather set to rain down on the Top of the South, the Bay of Plenty and parts of Northland, Agriculture Minister Todd McClay says farmers, foresters, and growers need to prepare for possible challenges.
Keep up with innovation and e-commerce in China or risk losing market share. That was the message delivered at the China Business Summit in Auckland this month.
Meat Industry Association (MIA) independent chair Nathan Guy says getting meat processors involved has been a shot in the arm for the sector's key marketing initiative into China, Taste Pure Nature.
Listed carpet manufacturer, Bremworth is undertaking a $6 million expansion at its Napier plant more than two years after the site was heavily damaged by Cyclone Gabrielle.
Federated Farmers is vowing to keep the big banks accountable for their actions and to continue pushing for meaningful change in the rural lending sector.
OPINION: Bayer Crop Science closing its Hastings research site could be the tip of the iceberg.
OPINION: The image of regenerative farmers as kind, cuddly progressive types took a hit when one of their own took…