The Ferrero Group, an Italian confectionery behemoth, has ceased operations at its hazelnut research farm in New South Wales, Australia, after a decade of trials. The Narrandera farm, spanning 2,700 hectares, is up for sale, priced at $80 million.
The venture, aimed at establishing a counter-seasonal hazelnut supply to the northern hemisphere, saw about 1 million hazelnut trees uprooted due to suboptimal yields attributed to adverse weather conditions. Despite receiving financial support from federal and NSW governments, Ferrero invested significantly more, including contributions to the local electrical grid's upgrade.
The company also dispersed its hazelnut cultivars across other Australian regions and shared valuable agronomic insights, promising to enhance national hazelnut production quality. Although the project was ambitious, local industry figures like Basil Baldwin recognized the challenges posed by the Riverina's arid conditions. The Australian hazelnut sector, predominantly composed of small-scale family farms, remains largely unaffected by Ferrero's withdrawal, focusing instead on the fresh market.
Source: abc.net.au