Goodman Fielder divests New Zealand meats business to Hellers

Goodman Fielder, a manufacturer of bread and dairy products in Australia and New Zealand, has completed the sale of its meats business in New Zealand to Hellers.

The move comes following the company’s recent divestment of its Australian biscuit unit to Green’s Food Holdings.

The meats business engages in processing and marketing small goods meat products, including Kiwi bacon and ham, Brooks Deli continental meats and bacon, Hutton’s luncheon, bacon and ham, Sizzlers pre-cooked small goods and Milano cooked continental meats, to the New Zealand market.

Goodman intends to use the proceeds from the sale to pay off debt and strengthen its financial position.

An agreement for the sale of the company’s meat and pizza units in New Zealand to Hellers and Mommas Frozen Products respectively was signed in January this year.

Goodman Fielder CEO Chris Delaney said at the time, “Over the past 18 months, we have successfully prioritised our product portfolio with a number of business divestments, including Integro, NZ Milling, Copperpot and most recently the biscuits business.

“On finalisation of the sales of meats and pizza businesses, we will have largely completed our divestment programme which will enable the company to focus our resources on our core categories.”

The company has been divesting its businesses to refocus on its core categories and brands, where it has market leading, profitable positions.

Goodman offers bread, milk, margarine, flour, dressings, condiments, mayonnaise, frozen pastry, cake mix, desserts, sauces, vinegar and cooking oil under the MeadowLea, Praise, White Wings, Pampas, Mighty Soft, Helga’s and Wonder White brands, among others.