AFT Pharmaceuticals (NZX:AFT, ASX:AFP) today announces it has extended its US Maxigesic® licensing agreement with Hikma Pharmaceuticals. The new agreement is aimed to maximise the commercial and patient care benefits that come with following the intravenous form of the pain relief medicine (marketed as Combogesic® IV in the US) in postoperative care with the tablet form of the medicine (Combogesic Rapid). The agreement will see Hikma take over all channels for Combogesic Rapid in the US — apart from the license granted to Alexso for certain specific market categories — allowing both forms of AFT’s patented medicines to be marketed across the entire US market. The US is the world’s largest market for pain relief1. AFT and Hikma have also agreed to a restructure of the profit share arrangements for Combogesic IV and tablets. The agreement amends the previous profit share which featured a fixed specified profit amount before sharing commenced, to now being a regular quarterly profit share payment. AFT will be more involved in the sales and marketing planning for Combogesic IV and Rapid, also making a contribution towards marketing. AFT sees potential for the new agreement to deliver greater commercial benefits than envisaged by the original agreements with Hikma2, one of the largest suppliers of injectable medications by volume in the US.
AFT Pharmaceuticals Managing Director Dr Hartley Atkinson said: “We are pleased to have reached this agreement with Hikma. Since the launch of Maxigesic IV last year, feedback from the market is that clinicians wish to follow non-opioid intravenous relief of mild to moderate pain with the tablet therapy – an approach that offers non opioid relief through all stages of recovery. “The extension of the agreement with Hikma will allow delivery of this therapeutic option more effectively across the US. In so doing, we can not only help clinicians to offer comprehensive non-opioid pain relief, but we can also maximise the opportunity we see for both medicines in this market.” Dr Atkinson said he looked forward to progress with the two medicines in the US.
“US healthcare costs associated with opioid abuse are estimated at US$11 billion a year3. With 6% of patients administered an opioid postoperatively going on to consume the medicine chronically4, the two forms of Combogesic offer clinicians an opportunity reduce the risks associated with the effective management of post operative pain.”
1 https://www.mordorintelligence.com/industry-reports/pain-management-market 2 The intravenous licensing agreement provided for upfront, regulatory, and commercial milestone payments of up to US$18.8 million (of which US$6 million was received in 2024) for the commercialisation of Combogesic IV as well as a profit share from in market product sales. Milestones remain unchanged. These payments were to be shared with AFT and it development partner Hyloris Pharmaceuticals. AFT did not disclose commercial terms other than a profit share arrangement for the Combogesic Rapid agreement with Hikma.
Source: https://investors.aftpharm.com/
The US – China announcement
On 12 May, the US and China agreed to reduce their additional ‘reciprocal’ tariffs from the high levels of 145% and 125% respectively, for a 90-day “pause” – through to mid-August (see White House Fact Sheet here(external link)).
Since 14 May, the US now applies a 30% additional tariff on most imports from China (consisting of 10% ‘reciprocal’ tariff, plus a 20% ‘fentanyl’ tariff), and China will apply a 10% additional tariff on most imports from the US (plus an additional 10% or 15% tariff on specific sectors responsible for approximately one quarter of China’s imports from the US, imposed in response to the US’s ‘fentanyl’ tariffs). These tariffs are additional to each side’s standard ‘MFN’ tariffs.
In addition to the tariff reductions, China agreed to “suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025”.
The Agreement commits both sides to “establish a mechanism to continue discussions about economic and trade relations”, led on the US side by Secretary of Treasury Scott Bessent and US Trade Representative Jamieson Greer, and on the Chinese side by Vice Premier He Lifeng, with participation by Li Chenggang from China’s Ministry of Commerce (MOFCOM).
The US – UK announcement
On 8 May 2025, during a press conference in the Oval Office, President Donald Trump, on a phone call with UK Prime Minister Keir Starmer, announced the two countries had reached a “trade deal.” This was the first deal announced since President Trump announced reciprocal tariffs on 2 April. Full details of the deal are not yet available, and both leaders acknowledged it has yet to be finalised. Both the US(external link)and the UK(external link)have released high-level details of the deal, with sector specific outcomes covering beef, ethanol, autos, steel and aluminium, and airplane engines.
US Truth Social post on imported films
On May 5, President Trump posted on Truth Social that he was authorising various US departments to institute a 100% tariff on movies “that are produced in foreign lands.”
The White House subsequently noted that “no final decisions have been made” and at this stage there is no tariff on New Zealand made or produced films.
Section 232 investigation into imports of commercial aircraft, engine and parts
On May 5 2025, the US Department of Commerce published a notice (link here) that it had initiated an investigation to determine the effects on the national security of imports of commercial aircraft and jet engines, and parts for commercial aircraft and jet engines.
As part of the investigation there is a call for public comments from interested parties and in the case of this investigation comments must be received by June 3, 2025.
This is the latest in a series of section 232 investigations that are under way. This includes:
Copper
Timber
Processed critical minerals
Pharmaceuticals and pharmaceutical ingredients
Semiconductors and semiconductor-manufacturing equipment
Trucks
And, commercial aircraft, parts and jet engines
Recap: Current status of New Zealand exports to the US
A 10% additional tariff applies to most New Zealand goods entering the US, on top of existing US tariffs, as per Executive Order 14257(external link).
After a ’90-day pause’ on the higher tariffs on 56 countries/economies wasannounced(external link)on 9 April, the same tariff currently applies to US imports from almost all countries, with the exception of:
China (145% additional tariff),
Canada and Mexico (0% under the US-Mexico-Canada Trade Agreement [USMCA], 25% outside USMCA; sectoral tariffs apply) It is not clear what will happen at the end of the 90-day ‘pause’ for countries whose ‘reciprocal tariff’ was above 10%.
The Tariff Finder(external link)has been updated to set out the total tariffs applicable to New Zealand goods trading into the US, for each US tariff line. It specifies, on a tariff line basis, whether the 10% additional tariff applies, or a 25% sector-specific tariff, or the tariff line is currently exempt from additional tariffs (noted below). Please contact us with any questions.
Current exceptions to the 10% additional tariff are as follows (as set out in Sec. 3(b) of Executive Order 14257):
a 25% additional sectoral tariff applies to imports of steel(external link), aluminium(external link), including products and derivatives; and automobiles and some automobile parts(external link), instead of the additional 10% tariff.
Products currently exempt from the 10% additional tariff are: copper, pharmaceuticals, semiconductors, lumber/timber, certain critical minerals, and energy and energy products listed in Annex II of Executive Order 14257(external link), plus the additional semiconductor-related products specified by tariff code in Presidential Memorandum of 11 April(external link), ‘Clarification of Exceptions Under Executive Order 14257 of April 2, 2025, as Amended’.
Please note that these products may be subject to sector-specific tariffs in future; the US has already commenced national security investigations into:
Copper (in all forms)(external link) (announced 25 February)
Timber, lumber, and derivative products(external link) (1 March)
Processed critical minerals and derivative products(external link) (15 April)
Pharmaceuticals and pharmaceutical ingredients(external link) (16 April)
Semiconductors and semiconductor-manufacturing equipment(external link) (16 April)
There have been no changes to shipments of low value/de minimis goods from New Zealand – these are still eligible to enter the US duty free if valued under US$800.
However, the US has removed the de minimis exemption for Chinese goods since 2 May, and instead, a 54% tariff (or a US$100 fee) applies per shipment.
Please contact us with any further questions on us.exports@mfat.govt.nz
We have recently updated our FAQs about US tariffs(external link).
Source: www.mfat.govt.nz
The Government is providing certainty to New Zealand’s film industry by providing the funding needed to sustain the International Screen Production Rebate, Economic Growth Minister Nicola Willis announced today.
“This funding will help bring investment, jobs and income to New Zealand, boosting our economic growth.
“We are sending a clear message to the world: New Zealand is the best place in the world to make movies. Bring your productions here to take advantage of our talent and locations.
“The Budget increase of $577 million across this year and the next four takes total funding for the rebate scheme to $1.09 billion over the forecast period, better reflecting expected demand for the scheme. Settings remain unchanged,” Nicola Willis says.
“The rebate scheme is working and we want New Zealand’s film industry to know the Government is backing them to grow into the future.
“At last count our screen sector provided work for about 24,000 people and generated about $3.5 billion in annual revenue.
“While industry incentives are not generally our favoured approach, the reality is we simply won’t get the offshore investment in our highly successful screen sector without continuing this scheme,” Ms Willis says.
“New Zealand competes with more than 100 territories world-wide that provide screen incentives, including countries like Australia, Canada and the United Kingdom that provide more generous incentives than ours.
“Eligible productions can access a 20 per cent cash rebate on qualifying New Zealand production expenditure where production costs are more than $15 million for feature films and $4 million for TV productions.
”A further 5 per cent rebate is available to productions spending more than $30 million which meet additional criteria for industry and economic growth.
“Inbound productions invested nearly $7.5 billion in New Zealand in the past 10 years, supported by $1.5 billion in rebate payments.
“Following a review of the rebate settings completed in late-2023, 10 big international productions have been attracted here, including eight from the major Hollywood studios. They include A Minecraft Movie, the second highest-grossing film of 2025 so far, and Taika Waititi’s Klara and the Sun now in production.
“Along with investment and jobs, New Zealand has benefited from acquiring a highly skilled screen industry workforce. Film production companies provide work for thousands of people and create fantastic opportunities for young New Zealanders.
“The Government will continue to work with the New Zealand Film Commission to ensure we continue to attract high-value productions from around the world.”
Notes for editors
Top
Trade and Investment Minister Todd McClay travels to Korea today for the annual Asia-Pacific Economic Cooperation (APEC) Trade Ministers meeting where he will meet with APEC and CPTPP trading partners including a first in person meeting with United Stated Trade Representative Jamieson Greer.
“These meetings are an opportunity to advocate for New Zealand exporters, discuss our strong and mutually beneficial trade relationships, and restate New Zealand’s opposition to high tariff regimes," Mr McClay says.
While in Jeju, Minister McClay will meet with Ministers from: Australia, China, Chile, Indonesia, Japan, Korea, Peru, Singapore and the United States where he will talk about the need for certainty for consumers and exporters.
APEC’s 21 economies receive over 75 per cent of New Zealand’s exports and represent nearly 60 per cent of global GDP.
"Open and fair market access remains a priority for our Government as we look to double the value of exports in 10 years and grow the economy," Mr McClay says.
“This meeting is an opportunity to deepen our connections with these major economic partners and support New Zealand exporters.”
Source: https://www.beehive.govt.nz/
Neutron launch contract for U.S. Air Force - Flying on a return-to-earth mission NET 2026
Long Beach, CALIF. May 8, 2025. Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today announced it will launch its new medium-lift reusable rocket Neutron for the U.S. Air Force Research Laboratory (AFRL) for a Rocket Cargo mission that supports point-to-point cargo transportation, establishing a new era of commercial launch capability to advance global defense logistics for the nation. The mission is scheduled for a return-to-Earth Neutron launch no earlier than 2026.
The launch contract will see Neutron execute a Rocket Cargo survivability experiment under the AFRL Rocket Experimentation for Global Agile Logistics (REGAL) solicitation, an effort by the Department of Defense to create a rocket-based point-to-point transportation system to quickly and rapidly deliver cargo around the world with commercial launch providers. AFRL’s experiment will be launched by Neutron and re-enter Earth’s atmosphere, in a demonstration of re-entry capability for future REGAL missions.
Rocket Lab’s Neutron medium-lift reusable launch vehicle will provide both government and commercial customers with an alternative and reliable launch service capable of deploying 13,000 kg to low Earth orbit. Neutron is tailored to deploy constellations and national security missions as well as science and exploration payloads. In addition to serving customers with greater affordability in the medium-launch market, Neutron is key to Rocket Lab’s strategy as an end-to-end space company preparing to deploy its own constellations and deliver services from space in the future.
Rocket Lab founder and CEO, Sir Peter Beck, says: “Neutron is a powerful new launch option that will set a new standard for performance, affordability, and reliability for government and commercial space users in medium launch. This opportunity for the U.S. Air Force not only helps to advance space logistics, it also demonstrates a high degree of confidence by the DOD in Neutron’s capabilities. Anticipation is high for Neutron’s inaugural flight this year, and we’re excited to showcase Neutron as a platform for R&D for point-to-point logistics for the DoD.”
Neutron is strongly positioned to capitalize on the medium-lift launch requirements for future government and commercial missions. Recently Significant progress continues to be made at the rocket’s launch pad on Wallops Island, Virginia, with the site’s completion expected in the next few weeks. Production, infrastructure scaling, and both Archimedes engine and full-scale components testing is continuing at pace across Rocket Lab’s various production and test facilities in the United States. Neutron’s debut remains on track for first launch in the second half of 2025.
About Neutron
Rocket Lab’s new reusable medium-lift rocket Neutron is a next-generation challenger to deliver a cost-effective, reliable, and responsive launch service for commercial and government missions. The advanced design of Neutron includes carbon composite for all of the rocket’s major structures and an innovative upper stage that enables high-performance for complex satellite deployments, including the deployment of satellite mega-constellations. The Neutron launch vehicle is a reusable launch vehicle leveraging the technology and infrastructure pioneered by the Electron launch vehicle, which has launched 63 times to date and provides the US government and commercial customers frequent, affordable access to space. Neutron utilizes a unique design that brings the Stage 1 and payload fairings back to Earth as a single, integrated stage. This maximizes cadence in a 13-ton to orbit reusable performance capability. Neutron is powered by nine Archimedes engines on Stage 1, and one vacuum-optimized Archimedes engine on Stage 2. Neutron operates from Rocket Lab Launch Complex 3 (LC-3) located at Wallops Island, Virginia from the Mid-Atlantic Regional Spaceport (MARS).
About Rocket Lab
Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, satellite manufacture, spacecraft components, and on-orbit management solutions that make it faster, easier, and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle, a family of flight proven spacecraft, and the Company is developing the large Neutron launch vehicle for constellation deployment. Since its first orbital launch in January 2018, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 200+ satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab’s family of spacecraft have been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand and a third launch pad in Virginia. To learn more, visit www.rocketlabusa.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our launch and space systems operations, launch schedule and window, safe and repeatable access to space, Neutron development, operational expansion and business strategy are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.rocketlabusa.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Source: https://www.rocketlabusa.com/
ROLLING MEADOWS, Ill., April 30, 2025 /PRNewswire/ -- Arthur J. Gallagher & Co. today announced the acquisition of New Zealand-based First Capital Financial Services (First Capital) and its affiliate First Capital Wealth Management. Terms of the transaction were not disclosed.
First Capital is a financial advisory firm providing wealth management, risk management and employee benefits services to corporate clients and individuals throughout New Zealand from offices in Christchurch and Auckland. Hugh Percy and the First Capital team will operate under the direction of Graham Campbell, head of Gallagher's employee benefits and HR consulting operations in Australia and New Zealand.
"First Capital has a client-focused culture like our own and offers an excellent opportunity to expand our benefits consulting capabilities in the region," said J. Patrick Gallagher, Jr., Chairman and CEO. "I am excited to welcome Hugh and his associates to our growing, global team."
Arthur J. Gallagher & Co. (NYSE:AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
Source: https://investor.ajg.com/
Industry-government partnership AgriZeroNZ is investing an additional US $5 million (approx. NZ $8.7M) in Hoofprint Biome Inc., a US company developing natural enzymes and probiotics to improve cattle health while eliminating methane.
AgriZeroNZ chief executive Wayne McNee says the follow-on investment underscores the importance of natural, microbiome solutions in its $61 million investment portfolio as part of its efforts to provide farmers with a range of affordable, effective mitigation solutions.
“We invested in Hoofprint Biome Inc. at an early stage because we saw its potential to develop a powerful emissions reduction tool to help Kiwi farmers meet market demands for lower emissions products, with the added benefit of productivity gains.
“The team has since made a number of exciting technical breakthroughs and is aiming to launch its first product for dairy cows in early 2027, subject to regulatory approvals.”
The Series A funding round saw a host of global venture capital firms come onboard including SOSV, Amazon Climate Pledge Fund, Alexandria Venture Investments, and Bill Gates’ Breakthrough Energy Fellows. The round was led by SOSV with an increased company valuation, boosting AgriZeroNZ’s initial investment.
“We’re pleased to see reputable VCs come on board and ultimately give the team the best chance of bringing their product to market,” says McNee.
Dr. Kathryn Polkoff, Hoofprint Biome Inc. co-founder and CEO, says this boost in funding will enable the company to fast track its product development, with animal trials in New Zealand planned for early next year.
The enzyme blend, which would be mixed into supplementary feed, aims to reduce enteric methane emissions by over 80 per cent while simultaneously improving digestion to increase milk and meat yield by over 5 per cent.
Animals would only need to be fed one mouthful per day, making it easy to use with in-shed or pasture-based supplementary feeding systems.
Polkoff says the enzymes reduce methane emissions in cattle by re-shaping the rumen microbiome.
“These enzymes can prevent methane from being released in the rumen while also increasing nutrient flows to the animal.
“Delivering a feed efficiency benefit alongside a reduction in methane is really important. To us, the word sustainability includes what happens to a farmer’s bottom line.”
Dr. Kathryn Polkoff
Polkoff says their approach is unique because it’s based on nature’s own tools.
“Enzymes and probiotics are digested by the animal, leaving no milk or meat residues. We think these products will build on the strengths of Kiwi farm systems in sustainability and efficiency.”
Hoofprint Biome Inc. is also working on a probiotic-based delivery method for its enzymes, which could reduce dosing frequency to weekly or even monthly, making it a practical option for beef and dairy farmers who don’t feed supplements daily.
McNee says these types of microbiome solutions are an important part of its expanding investment portfolio, which also includes a methane-inhibiting bolus, vaccines, and low-emissions pasture.
“We’re investing in a range of potential mitigation solutions to give us the best chance of providing farmers with options so they can choose what’s best for their farm.
“Getting these tools into farmers’ hands is critical to help safeguard the future of New Zealand’s primary sector and export economy,” says McNee.
Hoofprint Biome Inc. is now AgriZeroNZ’s largest investment to date, totalling US $7.5 million (approx. NZ $13M).
Other investors in Hoofprint Biome Inc.’s funding round included existing seed investors Good Growth Capital, Twynam, and Ponderosa Ventures. Source: https://www.agrizero.nz/
New Zealand Cricket (NZC) has agreed terms with US-based company True North Sports Ventures (TNS) to launch a new Major League Cricket (MLC) franchise, set to debut in the 2027 season.
MLC co-founders Sameer Mehta and Vijay Srinivasan are the majority owners of entities which hold exclusive rights to own and operate two MLC expansion franchises, the first of which will be launched by TNS in 2027.
TNS is exploring several key markets across North America, including Toronto and Atlanta, to base the new franchise.
NZC also has the opportunity to partner with Mehta and Srinivasan on other strategic opportunities, such as the second franchise planned for 2031.
The first-of-its-kind agreement between a full member of the ICC and a franchise in a leading professional cricket league will see NZC provide high-performance and operational support, including coaching, management, and support staff, as well as integrating the franchise into NZC’s domestic high-performance ecosystem.
In the second phase of development, NZC will offer expertise in cricket infrastructure and turf management.
Additionally, NZC has become a foundation investor in TNS, with the ability to make a more substantial equity investment before the end of 2025.
NZC chief executive Scott Weenink said the partnership would position his organisation at the forefront of cricket’s global transformation, as well as strengthening its presence in the world’s most lucrative sporting market.
“This agreement marks a unique and exciting milestone for NZC,” he said.
“As franchise cricket grows globally, NZC needs to adapt to seize strategic opportunities that ensure the sustainability of our cricket network.
“This helps diversify our revenue streams, expands our global brand and fan base, and creates new talent development and retention pathways for both our players and coaches.”
Weenink noted MLC was a world-class T20 tournament, and said he was proud to align with Messrs. Mehta and Srinivasan and the TNS investor group, to drive cricket’s growth in North America.
He said NZC would be joining an array of world-class, global sports, high net worth, and private equity investors in TNS, including 49ers Enterprises (the investment arm of the NFL’s San Francisco 49ers) which boasts an enviable portfolio of global sports assets, including recently promoted English Premier League side, Leeds United.
Mehta and Srinivasan are serial entrepreneurs who co-founded Willow TV, North America’s premier cricket broadcaster, after which they co-founded the MLC and led its successful launch in 2023.
“TNS is delighted to partner with NZC, an organisation admired for its sustained success despite limited financial and playing resources compared to other international cricketing bodies,” said Mehta.
“As founders of start-ups that have rapidly grown to established businesses, we see NZC as a perfect fit for our new franchise.
“With NZC’s expertise, our expansion franchise will elevate MLC’s world-class T20 product and support cricket’s rapid growth in our region.
“The potential for cricket in North America is immense, and we look forward to working with NZC to deliver on both our ambitions and theirs, including broader strategic and corporate opportunities globally.”
MLC, which achieved “List A” status ahead of its 2024 season, is a leading global T20 tournament played in North America over three to four weeks during June and July, broadcast in the US via Willow TV, and in major global markets, including New Zealand.
Currently comprising six foundation franchises featuring players such as top BLACKCAPS Matt Henry, Rachin Ravindra, Finn Allen and Trent Boult, and overseas stars like Pat Cummins, Travis Head, Steve Smith, and David Miller, MLC plans to expand to eight teams by 2027 and ten by 2031.
The league also supports a robust youth cricket system and a semi-professional minor league in the US.
The yet un-named NZC-backed franchise, set to be formally announced later this year, will tap into a 25 million strong cricket fan base that is driving the sport’s rapid growth in North America, evidenced by the 2024 ICC T20 World Cup and cricket’s inclusion in the 2028 LA Olympics.
About True North Sports
TNS is set to launch an expansion Major League Cricket franchise in a major North American market in 2027. Majority-owned by MLC co-founders Sameer Mehta and Vijay Srinivasan, TNS is backed by global investors.
About Major League Cricket
Major League Cricket is the USA’s premier T20 competition, featuring world-class players and coaches. Launched in 2023, MLC has achieved “List A” status and is broadcast globally, with plans to expand to ten franchises by 2031.
Source: https://www.nzc.nz/
Scales Corporation Limited (NZX:SCL) today announced it has acquired a further 7.5% holding in subsidiary Shelby JV LLC (Shelby) for USD 24.4 million. Scales Corporation’s Managing Director, Andy Borland says “We are delighted to lift our investment in Shelby. Since the time of our initial investment in the business in 2018 we have been looking for an opportunity to increase our holding.” “Shelby’s performance has been fundamental to Scales’ success in recent years, with earnings growth since our initial investment materially exceeding expectations. We are excited by the platform that exists for further expansion through the various initiatives that have been put in place.” “We are also pleased to be able to recognise our joint venture partner, Brett Frankel, for his contribution to this success, and we are aligned in our commitment and motivation to take this business into its next phase. That phase includes refreshed commitments to the business by Shelby’s founder, including to long-term succession planning within the management team” The valuation and corresponding purchase price reflects: • The strong historical and forecast earnings growth • The improved structure of the business, which includes longer term contracts across its supply network and processing arrangements • A more diversified and robust customer base, which we are leveraging across our global business • The strategic importance of this business in realising our global single brand strategy • The positive underlying macro trends for natural protein petfood ingredients businesses, as evidenced by recent M&A transactions.
Scales Corporation Chair, Mike Petersen commented “This investment is very positive for Scales and aligns with our stated aspiration of increasing our share in the Global Proteins division’s joint ventures over time. It is very pleasing to be able to increase our presence in the US petfood ingredient market, particularly at this time. Shelby’s sales are almost exclusively to US customers and raw material supply is domestically sourced.” The transaction will be funded via USD term debt raised from Scales’ current bank partners, with post settlement gearing remaining at low levels. Settlement is on 16 April, with the earnings impact of the transaction applied to the full FY2025 year. As a result of the investment, directors advise an increase in FY2025 earnings guidance for Underlying Net Profit after Tax Attributable to Shareholders, to between $37 million and $42 million. Guidance for FY2025 Underlying Net Profit after Tax reduces to between $51.5 million and $58.5 million, whilst Underlying EBITDA guidance remains unchanged. About Scales Corporation Scales Corporation is a diversified agribusiness group. It comprises three operating divisions: Global Proteins, Horticulture and Logistics. The company’s diverse spread of activities gives Scales broad exposure to the agribusiness sector. Scales Corporation was founded in 1897 as a shipping business by George Scales. Today it has operations across New Zealand, Australia, United States and Europe. Find out more at http://www.scalescorporation.co.nz
More than 250,000 people are expected to attend the California music festival over two weekends, with a stacked line-up of acts such as Lady Gaga, Charli XCX, Travis Scott and Post Malone.
Festival-goers will now be able to sip on the brand's range of alcohol-free cocktails at The New Bar, Coachella's exclusively non-alcoholic bars.
Free AF founder Lisa King said the brand was "thrilled" to bring a taste of New Zealand's "vibrant alcohol-free culture" to one of the world's most iconic festivals.
"It's an incredible opportunity to showcase our non-alcohol cocktails to a global audience."
Interest in non-alcoholic beverages has surged in recent years, with one survey saying sales were growing by around 30% each year.
Free AF has already broken into the US market, with products stocked in major retailers such as Walmart and Target.
The brand also gained visibility earlier this year when Khloé Kardashian and Kris Jenner promoted the drinks during Dry January.
King said the non-alcoholic landscape was "evolving massively".
"More people around the world are choosing to drink less or abstain from alcohol altogether."
And it's not just the punters choosing not to drink at the festival either, she said.
"More than a dozen artists performing at Coachella this year have publicly stated they don’t drink.
"Being at Coachella marks our biggest activation of the year, aligning perfectly with our mission – to make not drinking cool AF."
Source: https://www.1news.co.nz/
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