ONE OF the Riverina’s biggest brands has been purchased by foreign investors.
Batlow Apples will receive a $10 million dollar injection, in exchange of 63.3 per cent of the company’s shares, which will now be held by Ausfarm Fresh Group.
Thursday’s decision came after board members unanimously voted to accept the industry heavyweight’s proposal.
Chairman of Batlow Apples John Robson said the tough decision came after years of uncertainty.
He is confident the it will ensure the future of his business.
“This is an historic moment in the history of Batlow Apples,” Mr Robson said.
“The acceptance of this proposal will mean that one of Australia’s most iconic food brands will have a financially viable future.
“The fact that members have voted unanimously in favour of this proposal demonstrates a tremendous vote of confidence in the future of Batlow Apples.”
Increasing pressures on the industry come as the consumption of apples falls across Australia.
According to Eat for Health, men and women are failing to eat the recommended two serves of fruit per day.
Experts have also cited a decline in growing numbers across the industry, believed to be due to small-scale growers leaving the profession while large-scale growers take over.
Mr Robson stressed that Batlow’s growers will continue to be an integral part of the company.
“Batlow Apples will continue to rely heavily on its growers for its ongoing success, as it has always done.
“For the Company to succeed and grow, access to a strong and predictable fruit supply is needed.
“Growers will continue to feature in the ownership structure of the Company, and will be represented on the board as they have been for the past 96 years.”
Oura farmer Leigh Campbell took the opportunity to blast foreign investment and the sale of the Riverina brand.
He claims even if he lived to be 1000 years old, nobody could convince him to sell his land or business to foreign investors.
“Did our soldiers put their lives on the line protecting this country, only to have a mob of money grubbers prostitute it piece by piece.” Mr Campbell said.
“In many cases, labour from the country or the state of the buyers are brought in and any profit generated from the farm goes overseas.”
“I sincerely hope that doesn’t happen in this situation but I fear it could really hurt the region.”
The transition will take place when Batlow Apples is registered as a trading company and shares are issued to Ausfarm Fresh Group.
