New Zealand’s Cooks Food Group said today (15 December) that it is set to buy the Diamond and DYC brands from Australia-based food group Goodman Fielder.
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Cooks said it had agreed to pay NZ$12m (US$6.7m) for the “iconic “ brands. Diamond sells a range of pasta and meals solutions products , while DYC is famous for cooking ingredients, including vinegar.
“The brands are market leading or a strong number two in the product segments in which they compete,” Cooks said in a statement to the New Zealand Stock Exchange.
Cooks shareholders will vote on the deal in January but the company said it had been advised that shareholders holding over 80% of the business have pledged to vote in favour of the acquisition.
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