MELBOURNE, July 11 (Xinhua) -- Australia's leading exporter of cherries to Asia, Reid Fruits, has been officially put up for sale on Tuesday.
The Tasmanian company, owned by 2013 Australian farmer of the year Tim Reid, accounts for nearly 10 percent of all Australian cherries and 20 percent of all cherry exports, being the largest Australian exporter into Korea, Thailand, Japan and India.
"Reid Fruits has developed a phenomenal reputation in Asia for the quality of our cherries," Reid, 65, told Australian media on Tuesday.
Expressions of interest in the company opened on Tuesday with the process expected to be finalized by October or November.
"If we don't get a reasonable bid for the company, we will keep it going because the market growth opportunity for the entire industry is good," Reid said.
"The demand for Australian cherries internationally is predicted to have an accumulative annual growth of 31 percent for 2016-2021.
"The market for high-quality, wonderful tasting fruit is already there. But the health attributes of cherries and their juice is only just being realized and that will create further opportunities for growth in the Asian market."
Tim Reid began working at the 161-year-old company in 1967 stacking boxes before working his way up to the top.
During his time at the company it has pivoted from producing apples for Britain to farming cherries for Asia.
Reid, who was named an Australian Export Hero in 2007, said he was proud of what the company had done for the Tasmanian economy.
"The amount of money the cherry industry brings into and invests in the State is significant through agricultural merchandise, packaging, engineering services and farming services. The majority of the money we earn is reinvested in the continued growth of our businesses," he said.
