Murray River Organics has sold its table grape property in Merbein, Victoria for $5.5 million in aim to reduce the company’s debt.

The property was sold to Manta Farms, managed by US-based RRG Capital Management, in December, following a lengthy transaction process, which included approval from the Foreign Investment Review Board.

Murray River Organics managing director Valentina Tripp said the sale of its conventional Table Grape property at Fifth Street, Merbein represents a further milestone in the company’s turnaround strategy.

“We are well progressed with our non-core farm asset divestments, which includes the recent sale of our conventional citrus and wine land parcel at Nangiloc to the Costa Group,” said Tripp.

“With this announcement we have now secured over $10 million in non-core asset sales, allowing us to focus on our core organic dried vine farming operations and growing our Murray River Organics branded food portfolio.”

Tripp said the Merbein property had improved its yield from approximately 460 tonnes in 2018 to over 1000 tonnes this season, which was “a fantastic achievement”.

Murray River Organics sold part of its Nangiloc property to Costa Group in September for $4.5 million.

Packaging News

In its annual report on consumer trends Euromonitor International says sustainability, convenience and a new “phygital reality” are three developments that will influence business strategies.

The next interpack will take place from 4 to 10 May 2023, at the Düsseldorf Trade Fair Centre. It will be the first show since 2017, with last year’s expo first postponed, then cancelled, due to Covid.

Companies wanting to show their packaging and print wares to the world can now register for online event virtual.drupa, which is set to take place 20-23 April, in place of the now cancelled mega-show.