- Release Date: 31/07/15 09:23
- Summary: JOINTV: TGG: Strengthening of Delica Pty joint venture with M&G Vizzarri
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TGG 31/07/2015 09:23 JOINTV PRICE SENSITIVE REL: 0923 HRS T&G Global Limited JOINTV: TGG: Strengthening of Delica Pty joint venture with M&G Vizzarri Strengthening of Delica Pty joint venture with M&G Vizzarri Delica Pty Limited, a 50% owned Australian subsidiary of T&G Global Limited, has significantly strengthened its position as an international trader of asparagus through a transaction with one of its other shareholders, M&G Vizzarri Pty Limited. The transaction involves M&G Vizzarri consolidating its shareholding in Delica Pty Limited, to hold the other 50% of shares, Delica Pty Limited acquiring the business of Vizzarri Farms Pty Limited, a subsidiary of M&G Vizzarri, and the extension of key long term supply agreements for asparagus. The joint venture with M&G Vizzarri makes T&G one of the leading asparagus traders in the southern hemisphere. The targeted annual revenues for the first year have been set at approximately NZD$40 million, corresponding to a trading volume of over 5,000 tonnes. The new joint venture builds on 20 years of export partnership between Vizzarri and T&G. It allows T&G to improve its position in its dealings with the Australian food retail sector and its customers in South-East Asia. Starting immediately, the new joint venture, trading under the name T&G Vizzarri Farms, will serve all of Australia's leading food retailers throughout the year. The export and domestic marketing teams of Delica and Vizzarri Farms will merge into one team and will manage all sales of asparagus, be they within Australia or to other markets. Outside the harvest period, customers will mainly receive fresh asparagus from growing regions in Mexico and Peru. The name change of Delica Pty Limited to 'T&G Vizzarri Farms Pty Ltd' reflects the closer relationship between Delica and its parent company, T&G Global Limited, while inclusion of the Vizzarri Farms name emphasises the importance and strength of both the Vizzarri brand and the farming businesses to the new company. Sarah McCormack, T&G GM Sales & Marketing Diversified Products, comments: "T&G, through its international trading business Delica, is one of the largest international traders of asparagus. Securing consistent high quality supply is integral to the future development of the asparagus category. This joint venture with M&G Vizzarri is aligned with T&G's strategic pillars of "Strengthening Relationships" with suppliers and customers and "Focusing on Growth" of key product categories. We look forward to the imminent start of the Australian asparagus season and to meeting the increasing demand for high quality asparagus from our global customers." ENDS Media queries: Kylie Horomia, Corporate Communications Manager (E) [email protected] (+64) 9 573 4750 or (+64) 21 563 531 WEBSITE: www.tandg.global End CA:00267748 For:TGG Type:JOINTV Time:2015-07-31 09:23:43
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