A New Zealand health and beauty products company has bought a substantial olive tree plantation in Australia.
Comvita, best known for its manuka honey products, has purchased an 85 hectare estate in south east Queensland which has 7000 certified organic olive trees.
Chief executive Brett Hewlett said it will help the company secure supply and meet increasing demand for the Olive Leaf Extract that it also produces.
He said the security of a supply of good quality raw material is essential.
Comvita said that together with developing its existing property, the development of its new purchase will provide the capacity to increase supply over the next five years by approximately 130%.
Comvita sells Olive Leaf Extract mainly in Australia where Mr Hewlett said it is valued for its immune and cardiovascular benefits.
He said there is new research which suggests it may also improve the effectiveness of insulin in overweight diabetic men.