Thursday, 20/12/2012
Chinese company Chevalier is finalising a deal to buy Moraitis, Australia's largest fresh produce supplier to supermarkets.
Chevalier group also has interests in construction, cars and cafes.
It's expected to take a 70 per cent stake in the Moraitis business (valued at $200 million), taking over from a private equity investor, and half of the Moraitis family shares.
Michael Worthington, of the Produce Marketers Association of Australia, says Chevalier is likely to mean more fruit and vegetable exports to Asia, and more contracts for growers.
"Moraitis is a very firmly established organisation here," he said.
"They're not going to take any of their operations offshore because their business is built upon their growers who supply them for their customers, and they need supply to work through their system."
Source: http://www.abc.net.au/rural/news/content/201212/s3658369.htm
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