- Ferrero, the company behind Nutella, has decided to discontinue its hazelnut farming venture in Australia.
- The venture, which was initially seen as a boost for the Australian hazelnut industry, has been deemed commercially unviable due to low hazelnut yields.
- The decision was made based on factors such as return on investment and the current climatic and financial situations.
- Buyers interested in the land would need to invest significantly in removing trees and preparing the land for new planting.
- The failure of the venture highlights the need for hazelnut varieties that are better suited for warmer climates in Australia.
This is the best summary I could come up with:
Italian confectionery company the Ferrero Group is giving up on a $70 million hazelnut farm near Narrandera in southern NSW, saying the long-term climate is unsuitable.
The Australian arm of the company, which produces brands such as Ferrero Rocher, Nutella and Kinder Surprise, will remove the million hazelnut trees it has planted at the farm since 2013.
When the $70 million venture was announced a decade ago it was lauded as a shot in the arm for the Australian hazelnut industry that would encourage more local production.
Australia imports 3,500 tonnes of hazelnuts a year, dwarfing the almost 1,000t grown by about 60 Australian growers, mostly in cooler climates in Tasmania, the Adelaide Hills in SA, Orange in NSW, and north-east Victoria.
Hazelnut Growers of Australia executive officer Trevor Ranford said he was disappointed that trees only now coming into full production were being removed.
Selling agent and director with CBRE Agribusiness, Matt Childs, said large-scale irrigated horticulture operations like it were rare and the fact that the trees were being removed would make it more attractive.
The original article contains 480 words, the summary contains 176 words. Saved 63%. I’m a bot and I’m open source!
