Multi-million investment for new apples and pears
Hastings 9 June 2010
New Zealand and Australia commit to ongoing development of new pipfruit cultivars
New Zealand and Australian pipfruit growers have recommitted to a multi-million dollar joint venture to produce new apple and pear cultivars. Together, Australasian growers will invest NZ$11.5 million over the next five years through their established joint venture company, Prevar™ Limited.
Prevar™ was formed in 2004 to commercialise new apple and pear cultivars from the pipfruit breeding programme at Plant & Food Research. The programme develops new cultivars that meet consumer demand for novel, great tasting, healthy and convenient apples and pears for domestic and export markets.
The $11.5 million investment will be shared equally between Pipfruit New Zealand (PNZ) and Apple & Pear Australia Limited (APAL). Plant & Food Research has also recommitted to the joint venture agreement, as a 10% shareholder, and the Associated International Group of Nurseries (AIGN®) has been appointed as a key service provider for global cultivar distribution and evaluation.
“This reinvestment in Prevar™ demonstrates the strong foundation the company has built over the past five years,” says CEO Dr Brett Ennis. “The skills and expertise of our partners will allow us to build on the lessons we have learnt and deliver new, exciting cultivars to Australasian growers.”
Plant & Food Research will provide research and intellectual property to the joint venture, as well as reinvestment of royalties derived from cultivars developed in the breeding programme.
“Plant & Food Research has an established track record in pipfruit breeding, with a number of successful cultivars already available in the global marketplace,” says CEO Peter Landon-Lane. “Prevar™ has great potential to deliver new, exciting cultivars for premium export markets, and we look forward to building on the strong partnerships established over the past six years.”
Communications Manager, Corporate Communications,
Plant & Food Research Mt Albert,
120 Mt Albert Road, Sandringham
Auckland, 1025, New Zealand
Telephone: +64-9-925 8692
Mobile: +64-21-2429 365