NZM And Silver Fern Farms Set Out New Path for SILERE

MEDIA RELEASE:

‘NEW ZEALAND MERINO AND SILVER FERN FARMS SET OUT NEW PATH FOR SILERE.’

21 September: The New Zealand Merino Company (NZM) and Silver Fern Farms have reached agreement for NZM to take 100 per cent ownership of Alpine Origin Merino Limited, previously owned jointly.

Alpine Origin Merino Limited was established 5 years ago as a joint venture between NZM and Silver Fern Farms to own the SILERE alpine origin merino brand and to fund the development and marketing of the SILERE merino meat range. Under the agreement NZM becomes the sole shareholder in Alpine Origin Merino Limited.

NZM Chief Executive John Brakenridge stated that “when we set out we needed to prove merino meat could be differentiated as a luxury eating experience and value created in market could be delivered to grower suppliers. SILERE alpine origin merino has been built into a successful brand and product for the food service market predominantly in New Zealand and the United States. The intention is for Alpine Origin Merino to continue to develop and build the SILERE brand in niche markets globally.”

Chief Executive of Silver Fern Farms Dean Hamilton said “after 5 years it was timely for both shareholders to consider the next phase of development for Silere. We all agreed that it made sense for NZM to take charge and drive the merino product range. At Silver Fern Farms our focus today is on our Silver Fern Farms brand. We are looking to create our own Silver Fern Farms branded premium lamb range for food service, which is not breed specific, so it can be sourced from across a wider group of our shareholder supplier base, consistent with what we have achieved with our Silver Fern Farms Premier Selection Reserve Beef range.”

ENDS

About Silver Fern Farms:

- Silver Fern Farms is a leading New Zealand processor and marketer of lamb, mutton, beef, venison and associated products to more than 60 countries.

- The company’s vision: Inspirational Food Created by Passionate People.

- Silver Fern Farms is a farmer-controlled co-operative with more than 6,200 Ordinary Shareholders and over 16,000 farmer partners.

- The company operates 18 processing facilities throughout the country, employing more than 7,000 staff.

- Key markets in North America, China, the United Kingdom and Europe, Asia, the Middle East and New Zealand are supported through a network of international offices.

About The New Zealand Merino Company

- The New Zealand Merino Company Limited (NZM) is New Zealand’s leading commercial wool marketing and innovation company.

- NZM is recognised for its track record of innovation, both in the merino and mid micron sector and more recently strong wool, flipping a very traditional, production-led and commodity based industry on its head to bring about a global market oriented culture that creates, delivers and captures long-term value. These efforts were recognised at the 2013 New Zealand International Business Awards, where NZM won the AUT Business School Most Innovative Business Model in International Business award.

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