Goodman Fielder is to sell its biscuits business to Green’s Food Holding for AUS$ 17m (US$ 15.2m), Just Food reports.
Goodman Fielder has also recently sold off other assets as part of a move to optimise its product and brand range.
Commenting on the sale, CEO Chris Delaney of Gooodman Fielder stated: “It allows us to concentrate our internal resources and investment on our core brands within the grocery division, where we have profitable, category leadership positions including spreads, flour and cake mix and dressings and mayonnaise”. Goodman expects a record non-cash impairment charge after tax of AUS$50-55m.
Green’s Food Holdings currently has a broad portfolio of savoury biscuit brands including Paradise, Vive and Veri Deli. Alongside savoury biscuits, the Green’s range comprises cake mixes and breakfast cereals with brands including Green’s, Lowan and Rocca’s Deli.
Source: Just Food