Sharechat Logo

Comvita buys Waikata-based apiary company

Thursday 3rd November 2011

Text too small?

Honey products company Comvita said it has bought Te Awamutu-based apiary Waikato Honey Products for an undisclosed sum to increase its supply of Manuka honey.

The Waikato-based company farms 3,500 beehives through the Waikato and central North island. It will be incorporated into Comvita's existing Kiwi Bee Apiary business.

Comvita chief executive Brett Hewlett said the Waikato location is ideal for helping hives get through winter months, for growing new hives and for providing strong hive growth during the late winter and spring in preparation for the Manuka flowering.

“Our policy on honey supply remains one of supporting our loyal beekeepers and sourcing the majority of our Manuka honey requirements through these long-standing relationships,” Hewlett said.

Comvita has invested over the last five years in developing elite Manuka strains for reforestation of marginal land to ensure the supply of Manuka continues to meet the increasing international demand for Manuka honey.

“Waikato Honey Products provides Comvita with an ideal platform to get the most out of our significant investment in research and development,” Hewlett said.

Comvita is the subject of a hostile $71.6 million takeover bid from Cerebos New Zealand. Comvita shares are 1 cent higher at $2.71 and well above Cerebos' $2.50 a share offer. Comvita’s board has recommended shareholders turn down the offer, calling it a “unsolicited, unwelcome, opportunistic” bid.

(BusinessDesk)

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Comvita may not increase earnings in 2014 as higher honey prices bite, Craigs says
Comvita turned to a loss in first half, remains confident of increasing annual profit
Nasdaq-listed Derma Sciences takes 7.3 percent stake in Comvita in discounted placement
Comvita FY profit falls 10 percent , beating guidance, on honey shortage, rising costs
Comvita flags 15 percent fall in FY profit as expensive honey, supply shortages prompt downgrade
Comvita buys Aussie groves to expand olive extract output
Comvita first-half earnings fall 7.4% amid short supply
Comvita buys Whanganui-based Kiwi Honey for undisclosed sum
Comvita hits 5-yr high on early results from diabetes trial
Comvita to seek deeper pool for directors' fees at AGM