KELOWNA, British Columbia--(BUSINESS WIRE)--Today, NOVEM has agreed to terms to purchase BC Tree Fruits’ largest controlled atmosphere and cold chain storage facility in Kelowna, B.C. Prior to closing the transaction, NOVEM will lease the facility on an emergency-basis to allow the tree-fruit industry to avoid the loss of as many as 25 million pounds of apples.
This year’s harvest, and the livelihoods of hundreds of growers and thousands of workers, was put at significant risk when BC Tree Fruits Cooperative announced that it would cease operations and enter bankruptcy proceedings.
“Saving this year’s harvest is our immediate goal,” said Colin Davison, CEO of NOVEM. “But we believe NOVEM can also play a role in helping farmers create a modernized version of the Canadian fruit tree industry here in British Columbia.”
“However, we can’t do it alone. Strengthening Canada’s food security should be of national interest and a priority for all levels of government over the long term. Private industry is doing its part, but it will take government support to cultivate an industry that is more sustainable and stable.”
Finalizing and funding this transaction is expected to require the support of provincial and federal governments. Government officials at both levels have expressed support for the project leading up to the signed conditional purchase agreement for the facility. The emergency lease on the facility will run through the entire fruit season, or upon closing of this financial transaction.
NOVEM has already secured committed contracts from most of the major packing houses in B.C.’s Interior and the space is expected to be 100 per cent committed prior to September 15—just one week after possession.
NOVEM, which has facilities in Kelowna and Edmonton, plans to continue storage operations at the Sexsmith Road site as well as expand the facility to accommodate future growth plans across a broader range of the overarching Agrifood industry. Those plans also include upgrades to existing operations and an increase in the overall controlled ambient storage and cold chain capacity to support the biopharmaceuticals and pharmaceutical industries.
These expansion plans will increase employment opportunities in the region, including new staff working at the facilities and local farms.
For more information about this exciting purchase and its impact in B.C., please visit NOVEM at novempharma.com.
NOVEM Pharmaceuticals (NOVEM) will host a media availability regarding the BC Tree Fruits Cooperative Sexsmith Road property at 1:00 p.m. PST on Friday, September 6, 2024.
There will be remarks from NOVEM’s CEO, Colin Davison, a tour of the facility, as well as opportunities for interviews.
WHO: |
CEO of NOVEM Pharmaceuticals, Colin Davison. |
WHAT: |
Announcing NOVEM’s acquisition of the BC Tree Fruits Cooperative Sexsmith Road property. |
WHERE: |
3335 Sexsmith Rd, Kelowna, BC V1X 7T5, Kelowna. |
WHEN: |
Friday, September 6, 2024, at 1:00 p.m. |
WHY: |
NOVEM has agreed to terms to purchase BC Tree Fruits’ largest controlled atmosphere and cold chain storage facility and will lease the facility on an emergency-basis to allow the tree-fruit industry to avoid the loss of as many as 25 million pounds of apples. |
About NOVEM
NOVEM specializes in combining processing and packaging, with cold chain warehouse and distribution services for the Agrifood, Pharmaceutical and Biopharmaceutical industries. Novem has warehouses across Canada and has international partners for global exports and distribution.
