Melbourne-based flour milling giant George Weston Foods (GWF) revealed on Friday that it has sold its Bioproducts division in Victoria, Western Australia and Queensland, and the Narrandera flour mill.
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The sale to Manildra Starches Pty, which recently go t the go-ahead from consumer watchdog the Australian Competition and Consumers Commission (ACCC) will bring in about A$47.3m for GWF.
Marvin Weinman, CEO of GWF, whose portfolio includes Westons Wagon Wheels, Tip Top bread and Don Smallgoods, welcomed the completion of the sale. He explained to the Associated Press: “The sale reinforces our strategy of focussing on those operations that are performing well and are key to GWF’s future success.”
In order to bring its operations in line with ACCC regulations, and maintain competition in the starch and starch sugars market, Manildra must now divest its Queensland and West Australian assets.
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