Australian bakery group KH Foods has completed the sale of its grocery cake operations to George Weston Foods Limited (GWF), part of the UK-based Associated British Foods (ABF) group.
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GWF has paid KH Foods a net purchase price of A$5.5m (US$4.49m) for the operations, which are located in Adelaide and Perth, and has assumed responsibility for the associated employee entitlements and property leases.
As KH Foods stated when the deal was first announced on 14 August, the proceeds of the sale are to be used to retire company debt.
