Zimbabwean group Interfresh has terminated its deal with Capespan as it was not adding value to operations in Zimbabwe.
“We have realised that the deal was not adding value to our business and we are now involving a marketing agent,” Interfresh chief operating officer Taure Makaure told FPJ after the recent announcement of the company’s annual accounts.
A new international citrus exporting marketing agent South African Fruit Exporters was appointed with effect from the beginning of this year.
The Interspan-Capespan deal had run its five-year course and did not add the value that Interfresh had hoped for from a 50:50 joint venture. “This is not something that has come out of the blue, but something that we have been looking at for the past two to three years as Capespan was really only giving us value on international markets and that is something a marketing agent can do, rather than a company take 50 per cent of the profits back to South Africa,” concluded Makaure.
Capespan told freshinfo: "Capespan has always valued the Interfresh relationship and joint venture."
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