Comvita buys Aussie groves to expand olive extract output

Comvita, which uproduces health products from manuka honey and olive leaves, has bought an 85ha organic olive estate with potential to expand its production of olive leaf extracts by 130 percent over the next five years.

The price paid for Organic Olives (Aust) by Comvita's Australian subsidiary is undisclosed. The estate comprises some 7000 certified organic olive trees, with room for further plantings, and is in Coominya, on the shores of Lake Wivenhoe in south-eastern Queensland

The company recently reported clinical trials at Auckland University's Liggins Institute had found a beneficial impact from its olive leaf extracts on secretion of insulin and the action of insulin in overweight men.

The research has yet to be peer-reviewed and published, but is expected to boost global interest in the product.

"We're also scoping the possibility of building on this science, with additional clinical trials," Comvita chief executive Brett Hewlett says.

"The acquisition ... effectively future-proofs this rapidly growing part of our business. Together with fully developing our existing property, the development of our new purchase will provide the capacity to increase supply over the next five years by approximately 130 percent." 

Comvita shares last traded on the NZX at $3.65, although none changed hands immediately after the announcement.

(BusinessDesk)


2 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

Great story with these guys! Kiwis should be celebrating their success.

Reply
Share
  • 0
  • 0

Absolutely - a great move by CVT. Congratulations to Brett and the team.

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6584 -0.0016 -0.24%
AUD 0.9023 -0.0028 -0.31%
EUR 0.5993 -0.0041 -0.68%
GBP 0.4218 -0.0012 -0.28%
HKD 5.1100 -0.0061 -0.12%
JPY 81.6220 -0.2770 -0.34%

Commods

Commodity Price Change Time
Gold Index 1094.9 6.310 2015-07-31T00:
Oil Brent 52.2 -1.100 2015-07-31T00:
Oil Nymex 47.1 -1.410 2015-07-31T00:
Silver Index 14.8 0.060 2015-07-31T00:

Indices

Symbol Open High Last %
NZX 50 5891.9 5937.6 5891.9 0.49%
NASDAQ 5148.2 5155.0 5128.8 -0.01%
DAX 11271.3 11309.0 11257.1 0.46%
DJI 17755.9 17783.6 17746.0 -0.32%
FTSE 6668.9 6705.4 6668.9 0.41%
HKSE 24650.9 24661.2 24498.0 0.56%
NI225 20506.5 20585.2 20522.8 0.30%