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Announcement

ASSET: SAN: Sanford Limited - Press Release

01 Oct 2012 10:08NZX
PRESS RELEASE: 1 OCTOBER 2012

Sanford and Sealord Secure Jobs at Tauranga Mussel plant

Sanford Limited and Sealord Group Limited has reached agreement for the
purchase of the North Island Mussel Processors Limited (NIMPL) business in
Tauranga from its receivers, McGrathNicol, resulting in the 20 full time and
200 casual workers keeping their jobs.

Sealord and Sanford will now work with the receivers and existing NIMPL staff
to ensure the processing facility is up and running prior to the start of
this season''s harvest.

Sealord CEO, Graham Stuart said, purchasing the Tauranga based processing
facility was important in continuing the development of the Coromandel mussel
industry.

"We are pleased the NIMPL team will continue to be able to work with us to
deliver quality products to our customers," said Stuart.

Sanford''s Managing Director, Eric Barratt said the new partnership will
include the mussel farming businesses of the two companies as well as NIMPL''s
processing operation.

"New Zealand has an excellent international reputation for our Greenshell
mussels and this deal allows us to further build on export opportunities
through a seamless supply chain from sea to plate."

The processing plant in Tauranga was the first in the world to operate an
automated mussel-opening machine as part of a $23 million investment to
expand the facility in 2009.

Sanford and Sealord have each taken a 50% shareholding in a new company North
Island Mussels Limited, which will own the Tauranga plant and the Coromandel
farming operations.

ENDS

Eric Barratt, Managing Director, Sanford Limited +64 21 325 209
www.sanford.co.nz

Graham Stuart, Chief Executive, Sealord Group Limited + 64 21 390 749
www.sealord.com
End CA:00227947 For:SAN    Type:ASSET      Time:2012-10-01 10:08:01
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