Murray river organics China export strategy gains momentum
Murray River Organics (ASX:MRG) (“MRG”) is pleased to announce an update on the further strengthening of its China export strategy, through a strategic partnership with an existing customer in the Chinese food industry.
Over the past 6-months MRG has been executing a growth campaign in the key export market of China. Today’s partnership is evidence that “Taking Sunraysia to Asia” program starting to deliver and aligns with MRG’s growth in yields from the maturing vines over the next three years.
The strategic partnership is expected to be worth more than $6.5m in sales over the next three years, with deliveries to commence in June 2019. MRG’s CEO and senior management have been working closely with the retail group and have visited several of their stores; the retailer plans to grow its network significantly over the next three years.
This strategic partnership represents a further milestone in the expansion of MRG’s export market exposure for organic dried vine fruit, particularly to China. Further discussions with a range of customers are underway to extend a broader offering of MRG products into China.
MRG Chief Executive Officer, Valentina Tripp said “We have been executing a targeted growth plan that focuses on value-added and branded sales growth in premium and organic dried foods. This partnership is an important milestone in further expanding our footprint into China and in executing our broader export strategy.”