Cargill Acquires Goodman Fielder Fats, Oil Operations

MELBOURNE, AustraliaCargill has entered into an agreement to purchase Goodman Fielder's Commercial Edible Fats and Oils business for $240 million AUD (approximately $220 million U.S.). The sale also involves a long-term supply agreement under which Cargill will supply refined fats and oils products to Goodman Fielder.

The deal includes the commercial business' four fats and oils refining assets located in West Footscray in Melbourne, Murarrie in Brisbane, Bunbury near Perth and East Tamaki in Auckland, New Zealand. Goodman Fielder will retain the title to the land at the Brisbane facility that is subject to an extended lease back to Cargill.

"The operations refining footprint complements our existing state-of-the art edible oil refinery in Newcastle near Sydney," said Bram Klaeijsen, president and regional director, Cargill Asia-Pacific. "This acquisition will provide Cargill with national Australian and New Zealand manufacturing and supply capabilities, which will enable us to better serve our customers."

The purchase is subject to a number of conditions, including approval from the Australian Competition and Consumer Commission (ACCC).