Ann: ASSET: CVT: Comvita Acquires Whanganui Honey

• Release Date: 02/10/12 11:30
• Summary: ASSET: CVT: Comvita Acquires Whanganui Honey Supply Business
• Price Sensitive: No
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CVT
02/10/2012 08:30
ASSET

REL: 0830 HRS Comvita Limited

ASSET: CVT: Comvita Acquires Whanganui Honey Supply Business

Global natural health and beauty products company Comvita has acquired the
apiary business of Whanganui-based Kiwi Honey Limited to strengthen its
supply of Manuka (Leptospermum) honey.

Kiwi Honey Limited has 3,500 beehives located throughout the Whanganui
region.

Comvita Chief Executive Brett Hewlett said the business will provide Comvita
with additional security of supply of Manuka honey and will become the
fourth* 100%-owned apiary business for Comvita.

The company already owns apiary businesses in the key geographic regions of
Northland, Waikato and Wairarapa.

"Having a presence in the Whanganui region is strategically important as this
area is renowned for its production of UMF honey."

Mr Hewlett said Kiwi Honey's owner Paul Sergent had been a valued supplier of
high quality Manuka honey to Comvita for over 20 years.

"We're privileged to be given the opportunity to continue the proud legacy Mr
Sergent has built up in the Whanganui region."

"We're looking forward to meeting our new land owner partners and building a
strong and enduring relationship into the future. We believe this apiary
business has significant potential to grow and expand in the region and will
benefit from Comvita's substantial resources in Manuka honey production."

"The acquisition of strategically located apiary businesses has been
important to Comvita in providing supply surety and meeting the rapidly
growing global demand for our high quality, value-add products," said Mr
Hewlett. "In the coming season, we anticipate approximately a third of our
honey will be sourced from Comvita owned apiaries. Our policy on honey supply
remains one of supporting our loyal beekeeper supply partners and sourcing
the majority of our Manuka honey requirements through these long-standing
relationships."

To ensure the supply of Manuka honey Comvita has undertaken the development
of elite Manuka strains and agronomic studies for reforestation of marginal
land. Other initiatives include the development of beneficially economic
relationships between land owners and beekeepers; the development of industry
standards and operating best practices to ensure consistency of quality and
compliance with international regulations; constant improvement of hive
management methods to improve yields and honey quality; and training of
beekeepers to build capacity within the industry. These initiatives are all
made available to our beekeeper supply partners.

"The acquisition of Kiwi Honey Limited's apiary business will further enhance
Comvita's leadership in the Manuka honey industry."

The acquisition was completed last week and the purchase price is
confidential.

*Comvita acquired Waikato Honey Products in November 2011 and Kiwibee Medical
Ltd in June 2008. KiwiBee Wairarapa was established as an operating unit in
December 2011.

# Ends #

For further information:
Comvita CEO, Brett Hewlett, 021 740 160

Comvita Chairman, Neil Craig, 021 731 509

Comvita Communications Manager, Julie Chadwick, 021 510 693

Background information

About Comvita (www.comvita.co.nz)
Comvita is an international natural health and beauty products company with a
strong New Zealand heritage. We are committed to the development of
innovative natural health and wellbeing products, backed by credible
scientific research. We develop and manufacture products in the categories of
Health Care, Personal Care (Skincare and Wound Care) and Functional Foods
(Health Foods). Manuka (leptospermum) honey is at the core of the Comvita
product range and we are the largest manufacturer and marketer of this
uniquely New Zealand resource. We sell into more than 18 countries through a
network of wholesale and third-party outlets, more than 470 branded retail
outlets throughout Asia - including 400 stores in 40 cities in mainland China
and online. We have offices in New Zealand, Australia, Hong Kong, Japan,
Taiwan, South Korea and the United Kingdom
End CA:00228002 For:CVT    Type:ASSET      Time:2012-10-02 08:30:21