Napier, Thurs 3 Nov 16 -   Scales Corp has agreed to buy Hawke's Bay apple grower, packer and marketer Longview Group Holdings for $20.5 million, adding capacity to sell fruit into the fast-growing Asian market.

The Christchurch-based company's Mr Apple subsidiary will buy 100 percent of the Longview shares and 22 hectares surrounding a coolstore and packhouse, expanding Scales' total planted apple orchard by 85 ha, with a further 30 ha of bare land for development, it said in a statement. The deal will immediately lift earnings per share 4 percent in the 2017 financial year. Scales has previously forecast 2016 net profit to be between $29.6 million, or 21.1 cents per share, and $34.6 million, or 24.8 cents.     Continue to full article on ShareChat