Australia-based Cedenco has been sold to a Japanese food manufacturer

Australia-based Cedenco has been sold to a Japanese food manufacturer

Cedenco Australia, the country's largest tomato processor, has been sold to Kagome Co, a Japanese food manufacturer after nearly eight months in receivership. According to local reports, the sale will result in all creditors being paid in full.

Craig Shepard, a spokesperson for KordaMentha, Cedenco's administrator said: "This will place Cedenco Australia in the hands of a major global industry participant which has been operating in the tomato business for more than 100 years. Kagome is the largest primary producer of tomato based ingredients in Japan."

Shepard added Kagome was selected as the preferred bidder in a competitive sale process conducted by Goldman Sachs JBWere. The sale will take about a month to complete.