Posted on: Saturday, July 10, 2004
Mauna Loa buys MacFarms
Associated Press
HONOLULU — Mauna Loa Macadamia Nut Holdings Inc. announced yesterday that it is buying MacFarms of Hawaii's macadamia nut processing and marketing assets. It will also lease MacFarms affiliate Kapua Orchard Estate's 3,917 acres of macadamia nut trees on the Big Island.
The deal is expected to close within the next 60 days. Terms were not disclosed.
Kevin Dayton • The Honolulu Advertiser The purchase agreement is in the name of MacFH, Inc., a Mauna Loa affiliate.
Darrell Askey, Mauna Loa's president, said the purchase will help his company meet an increasing demand for Mauna Loa's products and will enhance both brands.
"In addition, it will benefit Hawai'i's macadamia nut industry by making the state more competitive in the worldwide macadamia nut market and assist in preserving Hawai'i's agriculture base," Askey said.
Mauna Loa said that with the purchase it expects to expand production and add between 15 and 25 jobs in Hilo to pack increased volumes of retail products.
MacFarms, founded in 1977, maintains one of the world's largest single macadamia nut orchards in South Kona and employs about 190 workers.
MacFarms has changed ownership several times in recent years, most recently last year when it was sold by Blue Diamond Growers to Sparks Corp. and Greater Pacific Food Holdings.
In 2000, it was bought by Blue Diamond Growers, the Sacramento-based almond cooperative, but Blue Diamond decided to focus on its core business and put MacFarms up for sale.
In 1986, MacFarms was purchased by Arnott's Biscuits Holdings, an Australian-based food business. Arnott's was later acquired by Campbell Soup Co., which subsequently sold it to Blue Diamond.
Arnott's bought MacFarms from its original owners, a local partnership that formed the company in 1981.
Darrell Askey, president of Mauna Loa Macadamia Nut Holdings, said its purchase of MacFarms of Hawaii will benefit the macadamia nut industry and will make the state more competitive globally.
