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BusinessLive reports that Tiger Brands will be extending operations at its deciduous fruit business for another season as a number of parties have expressed an interest in further discussions on the possible acquisition of the business.
The company, which has struggled over the last two years to find a buyer for the loss-making Langeberg & Ashton Foods fruit canning business, said that as the conclusion of any transaction would not take place in time for any successful buyer to put the required preparations in place to process the forthcoming season’s crop, it would “extend operations for a further season”. The decision could save the life of the specialised factory and the 250 permanent and 4,300 seasonal jobs on the line. A consortium of 160 farmers that had tabled an “indicative offer” to buy the plant has been struggling to put together the R200m to R300m required to acquire the business and Tiger Brands subsequently launched a “consultation period”, which ends in August. Tuesday’s announcement by Tiger Brands outlined that it was in continuous engagements with relevant government departments and was also in talks with potential buyers who were able to meet the working capital requirements of the business. Tiger Brands said it was optimistic that “the extension of operations on a mutually beneficial basis allows for a possible transaction that may result in a long-term, sustainable solution for Tiger’s deciduous fruit processing business”. The factory is one of only two fruit canners in SA.
- Read the full original of the report in the above regard by Michelle Gumede at BusinessLive
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