Hilton Food Group will pay €54m to acquire two meat processing plants in Australia.
ADVERTISEMENT
Northern Ireland-based Hilton Food Group has announced changes to its joint venture meat processing business in Australia, which is operated in a 50:50 joint venture with Australia’s largest supermarket chain, Woolworths.
Under the terms of the restructure, Hilton will acquire full operational control of two meat processing plants in Australia from July 2018. After a two-year transitional period, Hilton will acquire outright these processing plants for a sum of €54m, to be paid either in cash or via a minority equity shareholding in Hilton Foods Australia business.
Also as part of the restructure, Hilton has signed new long-term contracts to supply packaged and value-added meat products to Woolworths, which controls almost 40% of the Australian grocery retail market.
ADVERTISEMENT
Hilton and Woolworths first entered a joint venture partnership in Australia in 2013. Hilton’s share of profits from this joint venture partnership exceeded £3m (€2m) in 2016, with sales volumes growing at double digit pace in recent years.”
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Northern Ireland-based Hilton Food Group has announced changes to its joint venture meat processing business in Australia, which is operated in a 50:50 joint venture with Australia’s largest supermarket chain, Woolworths.
Under the terms of the restructure, Hilton will acquire full operational control of two meat processing plants in Australia from July 2018. After a two-year transitional period, Hilton will acquire outright these processing plants for a sum of €54m, to be paid either in cash or via a minority equity shareholding in Hilton Foods Australia business.
Also as part of the restructure, Hilton has signed new long-term contracts to supply packaged and value-added meat products to Woolworths, which controls almost 40% of the Australian grocery retail market.
Hilton and Woolworths first entered a joint venture partnership in Australia in 2013. Hilton’s share of profits from this joint venture partnership exceeded £3m (€2m) in 2016, with sales volumes growing at double digit pace in recent years.”
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS