The desire to focus on its “core business” is likely to see T&G Global offload its flower auction business.
A report by Business Desk suggests the fruit marketer is selling its FloraMax subsidiary to United Flower Growers for an undisclosed sum.
T&G told Business DeskFloraMax 'no longer aligns with T&G's strategy and focus on its core business and key categories.'
The move comes after T&G last week revealed it had entered 'strategically important agreements' with North American importer-distributor Oppy.
T&G also recently revealed a net profit of NZ$32.4m for the 12 months to 31 December 2016, a 67 per cent increase on its 2015 result. Included in this performance was a revenue of NZ$6.1m from ‘other’ segments, which includes the floral division. This marks a 9 per cent rise on 2015.
