Australian food group Goodman Fielder is to sell its biscuit business to local peer Green’s Food Holdings.
Green’s, which has a range of savoury biscuits in its portfolio, brands including Paradise, Vive and Veri Deli will move to Green’s for A$17m (US$15.2m)
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Goodman Fielder has sold a clutch of assets in recent years and said the deal was part of its move to “optimise its product and brand portfolio”.
CEO Chris Delaney said: “The biscuits business is not core to our grocery division and we formed the view that this business can maximise its potential under different ownership. 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.”
Green’s portfolio includes savoury biscuits, cake mixes and breakfast cereals under brands including Green’s, Lowan and Rocca’s Deli.
Goodman Fielder said it expects to record a non-cash impairment charge after tax against the biscuits business of A$50-55m.
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