![]() "This composition of the orchard is directly related to labour issues. The French manager tells us that there are only four large orchards of more than 30 hectares in the region and the vast majority of orchards are small structures of less than 5 hectares, geared towards direct or local sales. Finally, an important point is the scarcity of labour and its cost, which is much higher than in the rest of Europe," comments Côme Lapierre, SPMF's communications manager. Then there is the agronomic factor, the quality of the soil and the possibility of irrigation. " Several barriers limit its development, first of all the lack of knowledge of this fruit and its cultivation in France. Today, the cultivation of blueberry remains anecdotal, with just under 500 hectares planted and in production. This is the case in France, which we know has the French Union of producers of blueberries (SPMF), which currently brings together almost 30% of producers, and seeks to unite, organise and promote the sector with a view to strengthening the supply chain.Īfter a long period of very slow growth of the French crop blueberries, planting has accelerated somewhat in the last 2 years. Our robust, stable and dependable cash flow enables us to return capital to shareholders at favorable terms, while continuing to execute a flexible capital allocation strategy focused on additional opportunistic share repurchases, the paydown of debt and strategic acquisitions or value-enhancing strategic investments.In the context of the global industry of blueberry there is a lot of ignorance in some areas about their organisational reality, the state of their crops, their participation in markets, or the qualities of their fruit. ![]() “Additionally, the company continues to build and maintain a world-class, low-cost, manufacturing base with an emphasis on investment in key growth markets and regions. We have successfully achieved our targets over the past several years and expect to drive our third consecutive year of positive organic growth in fiscal 2022. “We have continued to focus on driving consistent and sustainable long-term growth through strategic portfolio management and a flexible capital allocation strategy while also working diligently to offset the challenges created by Covid, inflation, labor and supply chains. “While it is the company’s policy not to comment on interactions with specific shareholders, it is important to note that members of Berry’s management team have held several discussions with representatives of Ancora over the past year to better understand their views,” the company said. In response to these pleas, Berry issued a statement stating that its board and management team are committed to acting in the best interest of the company and its shareholders, and its regular engagement with investors supports our goal of enhancing value. Lastly, Ancora believes a sale of the company would well serve the interest of shareholders by generating as much as $100 per share. A second alternative is a sale-leaseback transaction whereby Berry would use its significant real estate holdings to raise cash to purchase shares. The first is expanding its share buyback program to $1 billion-last week the board authorized a share buy back program worth $50 million. To remedy this, Ancora provided three options to Berry. During this time, the company has made significant investments including the purchase of Clopay, a films maker, as well as investments in new nonwovens technologies around the world. They have risen about 18% this year.Īncora says that the stock price increases do not reflect the significant sales and earnings increases witnessed by Berry Global during the past five years. Shares of Berry are currently valued around $67. In a letter to the Berry board of directors, Ancora Holdings Group, which owns a 1% of the company, cited share price underperformance as the reason for the review, saying it believes the company could fetch as much as $100 per share. An investor is making a plea to Berry Global Group to begin a strategic review of options including a sale or a private transaction.
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