Comvita makes propolis and manuka honey and also offers natural products like colostrum and antioxidants. The UK was the company's first export market and has always been its most important but it also has subsidiaries in Australia, Japan and Taiwan making export sales worth more than 60 per cent of the firm's turnover. Sales through the new subsidiary, bought from distribution partner New Zealand Natural Food Co, are expected to be around £2 million in 2005. Chairman Bill Bracks said: "We have built up a lot of expertise in running off shore-subsidiaries. We've also proven that applying our management and marketing expertise, and combining that with direct involvement in the market to be closer to our end customer, we grow our business more quickly." Comvita's consumer division manager, Scott Coulter, added: "It fits exceptionally well with our growth strategy and it provides a platform to develop further into Europe, a market with some 450 million people." The purchase will take effect from 1 December 2005 and is for an undisclosed sum. It will be funded by borrowings plus the issue of £50,000 in share capital. External links to companies or organisations mentioned in thisstory: Comvita
