Young Grower of the Year 2025: Sam Carter wins Hawke's Bay title
Hasting's Sam Carter, assistant manager for T&G's Pakowhai sector, has won the Hawke's Bay 2025 Young Grower regional title.
He pitched his skills against seven fellow contestants to take the title on June 6.
Carter will now compete against six other regional winners in the national Young Grower of the
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NZ Herald
17-07-2025
- NZ Herald
Up for sale: The unusual way NZX-listed T&G Global found out its major shareholder was selling up
'Their disclosures have gotten better over the last three or four years, and that's commendable, but it is certainly not the most engaging of companies listed on the NZX from a shareholders' perspective. 'If I were an independent director, I would be asking a few questions as to why it did not come up earlier.' Like many in the horticulture sector, T&G Global took a hit from Cyclone Gabrielle. In its latest result, T&G Global said high demand for T&G Global's premium Envy and Jazz-branded apples, coupled with higher pricing in global markets, helped it bounce back from the impact of the cyclone. For the year ending December 2024, the company recorded a loss before tax of $6.8 million, compared with a pre-tax loss of $64.2m in 2023, and an operating profit of $12.7m (the previous year's loss was $45.6m). In response to an open letter to shareholders circulating on social media platform X that was critical of the company's performance, T&G Global chairman Benedikt Mangold said the board was confident in the company's strategy 'and we continue to be pleased with our financial progress'. 'We are fully aligned with management on the company's outlook, and we look forward to updating the market and shareholders on August 8 with our half-year results,' he said in an email to the Herald. Mangold said if shareholders had any concerns, they had not been raised at the company's annual meeting in May. Strategic options T&G Global, which sells fresh produce to more than 60 countries, is itself going through a process to consider its strategic options and has engaged Craigs Investment Partners to advise it. Late in 2021, the company announced it would spend $100m on a new state-of-the-art packhouse adjacent to its Whakatu site in Hawke's Bay. As well as improving productivity, the new facility would allow T&G to accommodate increasing volumes of Envy and other apple varieties. AFR's Street Talk said Australian fund manager ROC Partners 'likes the look' of T&G Global. The paper also said T&G Global would be a logical bolt-on for Macquarie Asset Management. In BayWa's annual report, new chief executive Frank Hiller said the company was embarking on a 'fundamental transformation' bringing an end to its debt-financed expansion. BayWa, which has interests ranging from food to construction and energy, first made its play for the then Turners and Growers in 2011, with the intention of a complete takeover. A pre-bid agreement with shareholder Guinness Peat Group meant it already had 63.5% of the shares locked up. The offer was for all shares in NZX-listed Turners & Growers at $1.85 a share, valuing the company at $216.5m. But rather than go to 100%, BayWa was persuaded to remain a majority owner, allowing minority shareholders to stay on the register and for Turners and Growers to retain its NZX listing. Meanwhile, speculation over T&G Global's future has not done its share price any harm. The stock now trades at around $2.05 – its highest point since October 2023. Port of Tauranga upgrade Brokers Forsyth Barr say the favourable pricing backdrop for Port of Tauranga (POT) continues, with the company set to materially increase its access pricing at MetroPort from September 1. 'Its vehicle booking system charge will rise by more than 100%, which we estimate will contribute incremental annualised revenue of $9m, assuming no volume offset,' the broker said. 'Pricing remains POT's key lever in lifting its return on invested capital above its 7% target by 2028, particularly given: (1) container terminal capacity constraints; and (2) the pricing behaviour of key competitor, Port of Auckland.' 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It said Meridian's figures imply 2025 earnings before interest, tax, depreciation and amortisation (ebitda) of $612m, down from $905m in 2024. Mercury's update implies 2025 ebitda of $768m, down from $877m reported in 2024. 'We retain our $7.40 target price for Mercury and reaffirm our overweight rating, reflecting discounted valuation.' Listing the potential risks for Mercury, Jarden cited regulatory changes, transmission pricing methodology adjustments, wholesale spot price fluctuations and higher-than-historical inflows into its hydro generation from Lake Taupō down the Waikato River chain. The firm maintains a neutral rating on Meridian, with an unchanged target price of $6.47. Among the risks, Jarden again listed regulatory changes for Meridian. Annual results from Mercury are due on August 19 and August 27 for Meridian. Meanwhile, the High Court this week approved a scheme of arrangement under which Meridian will acquire all of the shares in NZ Windfarms. 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NZ Herald
10-07-2025
- NZ Herald
T&G Global confirms expressions of interest for potential sale
NZX-listed fruit and vegetable exporter T&G Global has confirmed that it has received several expressions of interest about a potential sale. The Australian Financial Review (AFR) speculated that Australia's ROC Partners, which has widespread agricultural interests across the Tasman, had already expressed an interest in a potential breakup of TG
Scoop
03-07-2025
- Scoop
NZ-designed Apples Miss Trick By Omitting FernMark Branding In Canada
New Zealand's premium apples have been caught up in a Canadian consumer backlash of United States products. Canadian consumers have actively boycotted US products, since President Donald Trump launched his trade war, along with ongoing calls to make Canada the 51st state of America. T&G Global's premium Envy and Jazz apples exported to Canada were packaged in 2.27 kg (5lb) bags, with prominent 'product of USA' labelling, and were not immune to the consumer backlash. T&G chief operating officer for the apples business Shane Kingston said the brands were grown in more than 11 countries, across both hemispheres. "This also diversifies our geographical spread, and ensures varieties are grown in the right regions and close to markets," he said, adding that sales met expectations. "Currently, around 31 percent of T&G's apple supply is sourced from Aotearoa New Zealand, 37 percent from the Americas, 23 percent from Europe and the United Kingdom, and 9 percent from other markets." Still NZ apples While Envy and Jazz apples sold in Canada were imported from southern hemisphere locations and Washington State, they were designed in New Zealand and were eligible to carry the New Zealand Inc trademark. FernMark brand manager David Downs said the lack of New Zealand branding was a missed opportunity, given that it could be applied to any product designed, grown or made in New Zealand. "That intellectual property was developed here and there is definitely a connection to New Zealand that should be highlighted," said Downs, who was also the chief executive of NZ Story, which - a government agency tasked with helping market New Zealand to the world. "It's actually a great example of New Zealand innovation." Demand for FernMark grows "It's interesting, isn't it, that consumer sentiment can shift pretty quickly," Downs said, referring to the trade dispute in North America. "Someone in Canada suddenly being suspicious of not wanting to buy products from the United States or from another country, because of their perceived activities." He said the FernMark had been independently valued at more than US$290 billlion (NZ$478b), although the licence to use it cost relatively little for qualifying companies. "What the FernMark does is basically visibly allow you to connect your brand with the brand of New Zealand, and that visible connection and association allows you to get that value from the hundreds of millions of dollars' worth of brand value that we have as a country." He said the number of companies using New Zealand's FernMark to promote their products had more than doubled over the past couple of years and featured on products in more than 40 countries. More than 600 companies used the FernMark on some two billion products, with food products one of the biggest users. "Some of those companies are very, very big, with tens of thousands of SKU's [stock items]." Recent research indicated 46 percent of international consumers recognised the FernMark, and 44 percent said they were more likely or a lot more likely to buy a product because it. "More and more in this disrupted world, reputation is what matters," Downs said. "For us, for a relatively small economy like New Zealand, it's important we protect our reputation. "That's not the job of just politicians. It's also the job of exporters and all of us."
