T&G Global strengthens position as asparagus marketer
T&G's 50 percent-owned Australian subsidiary Delica will buy Vizzarri Farms.
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T&G Global, the fruit marketer controlled by Germany's BayWa, has acquired assets from long-term Australian partner M&G Vizzarri, strengthening its position as a major asparagus trader.
T&G's 50 percent-owned Australian subsidiary Delica will buy Vizzarri Farms, the asparagus marketer founded by Mario and Gina Vizzarri, from its Delica co-shareholder M&G Vizzarri. No price was disclosed.
The joint venture will be renamed T&G Vizzarri Farms and will become "one of the leading asparagus traders in the southern hemisphere," T&G Global said in a statement. Targeted revenue from the enlarged business is about $40 million in its first year and more than 5,000 tonnes, it said. Currently Delica handles export sales for Vizzarri Farms, which owns 29 properties with a combined 1,900 acres.
The arrangement will help T&G make sales in the Australian retail food sector and to customers in southeast Asia, it said. T&G, formerly called Turners & Growers, has been in an export partnership with Vizzarri for 20 years. The deal also extends long-term asparagus supply agreements between the two partners.
Delica and Vizzarri Farms will merge their marketing teams, sourcing asparagus from other growing regions such as Mexico and Peru.
T&G was unchanged at $2 and the shares have gained 5.3 percent this year.
(BusinessDesk)
Jonathan Underhill
Fri, 31 Jul 2015
Fri, 31 Jul 2015
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T&G Global strengthens position as asparagus marketer
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