Wilmar to buy 10% stake in Goodman Fielder
SINGAPORE — Wilmar International Ltd., one of Asia’s leading agribusiness groups, said it has acquired a 10.1% interest in Goodman Fielder, one of Australia’s leading branded food companies, for approximately A$115 million ($124 million).
“Goodman Fielder owns leading consumer brands in the baking, dairy, home ingredients and edible oils categories across Australia, New Zealand and Asia Pacific,” Wilmar said. “All of these brands are complementary to Wilmar’s consumer pack business (which sells branded products to China, India, Indonesia, Vietnam and Bangladesh) and also Sucrogen’s branded sugar business in Australia. In addition, Goodman Fielder’s Integro business is complementary to Wilmar’s oil businesses.”
The acquisition will make Wilmar the largest shareholder in Goodman Fielder. Wilmar previously had less than a 5% share in Goodman Fielder.
“We look forward to working with Goodman Fielder and its management team to improve Goodman Fielder’s performance over time,” said Kuok Khoon Hong, chairman and chief executive officer of Wilmar.
Following the announcement, Goodman Fielder’s share price surged to as high as A$0.70 on Feb. 29, up sharply from its 52-week low of A$0.3725 set on Jan. 9.