Turners and Growers to buy Apollo Apples for up to $44.1 mln

Tue, 15 Apr 2014

April 16 (BusinessDesk) - Turners & Growers, the fruit marketer controlled by Germany’s BayWa, has agreed to buy Hawke’s Bay-based Apollo Apples for as much as $44.1 million as it looks to meet growing global demand. The Auckland-based company will pay $36.05 million up front for the apple grower, packer and exporter, and cool store operator, and will pay up to $8 million in the following four years if performance targets are met, T&G said in a statement. Apollo founders Bruce and Ross Beaton will stay with the business for at least the next...

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