Sanford takes $2M impairment on Northland oyster farms sale

Fri, 06 Jul 2012

July 6 (BusinessDesk) - Fishing and aquaculture firm Sanford is to sell its Pacific oyster farms in Northland to Maori-owned Aotearoa Fisheries, suffering a $2 million impairment on exit. A virus that had ravaged juvenile oysters and forced the closure of Sanford's Kaeo processing plant last December is behind the decision to quit oyster farming to focus on its greenshell mussel business instead. The 16 Northland oyster farms, covering a total of 128 hectares in the Bay of Islands and the Whangaroa and Houhora harbours represented only about...

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