Wilmar takes sole control of Australasia food manufacturer Goodman Fielder

Singapore-based palm oil giant Wilmar International will become the sole owner of Australasia food manufacturer Goodman Fielder in a deal announced on 11 March.

Wilmar will acquire the 50% of Goodman Fielder it does not already own from co-shareholder First Pacific, the Hong Kong-based investment fund, for US$275M.
Goodman Fielder manufactures, markets and distributes a wide range of food products across Australia, New Zealand and Asia Pacific including bread, milk, cheese, chicken, flour, cooking oils, spreads, baking ingredients, ice cream and snacks. Its brands include Meadow Lea spreads, Crisco oils and Gold’n Canola spreads and cooking oils.
Wilmar said it believed that significant improvements in Goodman Fielder could be created if it wholly owned and managed it.
The acquisition is expected to be completed in the fourth quarter of this year.
Wilmar bought a 10.1% direct stake in Goodman Fielder in 2012. In March 2015, Wilmar and First Pacific paid US$934M to buy 100% of Goodman Fielder via FPW Singapore Holdings, the vehicle through which they owned Goodman Fielder.
Goodman Fielder has over 40 manufacturing sites throughout Australia, New Zealand and Asia Pacific and has over 120 food brands.
In a statement to the Hong Kong Stock Exchange, First Pacific said FPW Singapore Holdings generated a net profit of US$18M after taxation and non-controlling interests in 2017, compared to US$35M in 2016.
Wilmar’s business activities include oil palm cultivation, oilseed crushing, edible oil refining, sugar milling and refining, and the manufacturing of consumer products, speciality fats, oleochemicals, biodiesel and fertilisers.