Japan Tobacco (JT) will sell its Australian chilled processed foods business, Hans Group, in order to focus on its home market.
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Hans Group, which consists of Hans Continental Smallgoods, Swicker’s Kingaroy Bacon Factory and Sun Pork Foods, booked net sales of A$390m (US$255m) and a net loss of A$10m on operating income of A$3m in the fiscal year ended 31 March 2008.
In a statement released today (28 November), JT said that it has decided to dissolve the group as Hans “no longer has synergies with JT’s other food operations, considering the product characteristics and the geographical locations”.
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JT added: “JT believes that it is in the best interests of the company and its stakeholders that the company’s resources are focused on the frozen foods and seasoning businesses under Katokichi, JT’s wholly-owned foods subsidiary in Japan.”
Hans has appointed Australian firm KordaMentha to act as the voluntary administrators.
The impact of the divesture on JT’s financial results is expected to be “minimal”.
