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

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news