Agency cites company presentation that apparently predicted sale after 2025
German conglomerate BayWa plans to sell off T&G Global, the New Zealand business at the heart of its Global Produce division, according to Reuters.
The report, which cites an internal company presentation apparently shown to employees, indicates that the sale is not expected to occur before 2026, but features in an overall proposed restructuring plan that would see BayWa sell off several of its foreign assets in order to address its ongoing debt crisis.
BayWa itself has not issued any such information. However, on Thursday 4 December, it announced a plan to increase efficiency and profitability by the end of 2027.
It is understood to have targeted a reduction of its debt from around €5bn to €1bn during the coming years.
In a statement, the Munich-based group indicated it would cut jobs and divest a number of the ”major holdings” it owned outside Germany.
Another Reuters report stated that the company intended to cut around 1,300 of almost 8,000 full-time staff, and close 26 of its 400 locations, by the end of 2027.
BayWa owns just over 73 per cent of T&G, and has a majority share in Dutch tropical fresh produce company TFC Holland. It also has a stake in Dubai-based agribusiness venture Al Dahra BayWa.
On Friday 5 December, T&G issued a short statement in response to enquiries about BayWa’s planned sell-offs.
“This is a process being led by BayWa and relates to its business and shareholdings,” it stated. “It is therefore not appropriate for T&G to comment on their position. We continue to work closely with BayWa and our board to maximise value for all shareholders.”
