Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Goodman Fielder sells biscuit unit to Green’s for net A$17M

Goodman Fielder sells biscuit unit to Green’s for net A$17M, takes charge up to A$55M

Dec. 23 (BusinessDesk) - Goodman Fielder, the biggest food company in Australia and New Zealand, agreed to sell its Biscuits unit to Green’s Food Holdings for about A$17 million and will take an impairment of more than three times that amount against the business.

The sale is part of the Sydney-based company’s ongoing strategy to focus on profitable, market-leading categories and brands which has allowed it to return to profit and reduce debt. It will record a non-cash impairment charge of A$50 million to A$55 million against the biscuits business in the first half of 2014.

Green’s will get the Paradise, Cottage, Vive and Veri Deli brands and have a short-term licence to use the White Wings brand for biscuits. Green’s makes food products ranging from cake mixes to breakfast cereals and savoury biscuits under the Green’s, Lowan, Poppin, Waterthins and Roccas Deli brands.

“It allows us to concentrate our internal resources and investment on our core brands within the grocery division, where we have profitable, category-leading positions including spreads, flour and cake mix and dressings and mayonnaise,” said chief executive Chris Delaney, in a statement.

The transaction is expected to be completed by the end of February, it said. Net proceeds would be used to repay debt.

The shares last traded at 70 cents on the NZX and have declined 14 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news