Australian baked goods group Patties Foods has acquired New Zealand frozen convenience food producer Leader Products for an undisclosed sum.
An exit of from frozen food has enabled Patties Foods to report an increase in full-year earnings as the Australian company hailed improvements in its core business.
Australian baked goods group Patties Foods said today (2 June) its board had accepted a takeover offer from local private-equity firm Pacific Equity Partners.
Patties Foods, the Australian pie maker, has confirmed receipt of a "non-binding, conditional and incomplete" takeover proposal from private-equity firm Pacific Equity Partners.
Half-year profits at Australian food supplier Patties Foods have plunged, with the firm still reeling from the effects of a recall of its frozen berries products last year.
Australian food firm Patties Foods has announced it is selling its frozen berries business, ten months after its products were linked to a Hepatitis A outbreak in the country.
US egg-free spread Just Mayo hit the headlines this week after the country's food watchdog said it had broken labelling rules. Among a number of M&A deals, European nutrition bar maker VSI was sold to US group Hearthside Food Solutions and Mengniu Dairy, one of China's largest dairy processors, insisted the prospects for the sector in the country remained strong.
Australia's Patties Foods has reported a near-90% drop in annual profits as a result of the frozen berries recall earlier this year.
Australian baked good firm, The Cake Syndicate, has said it is seeking an investor to fund capital expansion and growth into Asia.
Australian frozen berry manufacturer Patties Foods has announced the resignation of its chief financial officer, Michael Knapp, a day after the company warned full year profits had been impacted by A$1.5m (US$1.2m) as a result of the hepatitis A scare earlier this year.
Patties Foods has said its lab tests on its recalled frozen berries - pulled in February after a possible link to an outbreak of hepatitis A - has shown the products do not contain the bacteria.
Australian food maker Patties Foods is expanding its Nanna's brand with the launch of Nanna's Crumble Cake, a dessert that combines the attributes of traditional cakes and crumbles.
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