Zespri global sales top $5 billion for 2024–25 season amid strong demand
Zespri says global sales for the 2024-25 season topped $5 billion on the back of strong demand and market returns.
Shareholders of post harvest kiwifruit operators EastPack and Satara are being asked to approve a merger of the companies following the signing of a merger implementation agreement today (February 4).
Chairmen Ray Sharp and Hendrik Pieters say the two companies are obvious merger partners. "Their respective strengths and the benefits that will follow from the proposed merger will provide a much stronger platform to deal with the challenges that the industry is now facing, particularly Psa," they said in a statement.
The proposed merger would create the largest kiwifruit packing and coolstore operation in New Zealand.
"The main reasons for the merger include creating an enlarged cooperative that is owned by growers," the chairmen say.
"The merged company will be totally focussed on grower owners' needs and in a better position to meet their expectations for quality processing, higher orchard gate returns, low packing prices and improved return on investment.
"We will be creating a business of improved scale utilising the best people, assets and technology from both companies. There will also be various cost-saving synergies from improved facility utilisation, particularly the ability to pack through the most efficient sites," Sharp and Pieters say.
Under the merger, Satara grower shareholders will receive one EastPack Transactor share for each dollar paid-up on their Satara Transactor shares, one EastPack Investor share for each Satara Investor share held, a 5c fully imputed special dividend for each Investor share held and an opportunity to purchase additional EastPack Investor shares at 65c a share.
Satara's non-grower investors (and grower investor shareholders holding excess investor shares) will be offered 60c per investor share plus the 5c dividend. The companies' chairmen said that this would provide an opportunity for non-grower investors to exit their investment in Satara at a fair price (and a substantial premium relative to the last traded price for such shares), considering the current prospects for the kiwifruit post harvest industry.
"Growers are working hard to survive in an environment with a high New Zealand dollar and high Psa related growing costs. We believe that by combining resources, we can reduce costs and operate more efficiently for the benefit of the growers," Sharp and Pieters say.
They say the merged company would also have the financial strength to enable it to quickly upscale with modern, efficient capacity if kiwifruit volumes recover and grow in the future.
Shareholders will be sent merger information packs, including a chairmen's letter, the investment statement and amalgamation proposal for the upcoming shareholder meetings, which will take place in late February. If approved by shareholders, the merger will become effective in March in time for the 2013 packing season.
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
New Zealand’s trade with the European Union has jumped $2 billion since a free trade deal entered into force in May last year.
The climate of uncertainty and market fragmentation that currently characterises the global economy suggests that many of the European agricultural machinery manufacturers will be looking for new markets.
Dignitaries from all walks of life – the governor general, politicians past and present, Maoridom- including the Maori Queen, church leaders, the primary sector and family and friends packed Our Lady of Kapiti’s Catholic church in Paraparaumu on Thursday October 23 to pay tribute to former prime Minister, Jim Bolger who died last week.
Agriculture and Forestry Minister, Todd McClay is encouraging farmers, growers, and foresters not to take unnecessary risks, asking that they heed weather warnings today.
With nearly two million underutilised dairy calves born annually and the beef price outlook strong, New Zealand’s opportunity to build a scalable dairy-beef system is now.

OPINION: The Greens have taken the high moral ground on the Palestine issue and been leading political agitators in related…
One of the most galling aspects of the tariffs whacked on our farm exports to the US is the fact…