Goodman Fielder to split milling, baking
April 01, 2001
by Emily Wilson
Goodman Fielder Ltd. will separate its flour milling and baking operations as part of a company-wide restructuring that David Hearn, chief executive, said is designed "to focus on our core portfolio of retail branded food businesses in Australasia and the Pacific."
Mr. Hearn said that with most changes in the action plan to be in place by July 1, Goodman Fielder expects to generate double-digit earnings growth each year for the next three years.
"We intend to split out our non-retail businesses which we will run more aggressively for cash," Mr. Hearn said. "Specifically, we will separate out GF Milling from GF Baking to run as a separate and lean, cost-competitive business on a stand-alone basis. We will also combine all of our food service operations into a single focused business unit."
Goodman Fielder, the largest flour miller and bread baker in Australia and New Zealand, operates 12 flour mills and five mix plants in Australia and four mills in New Zealand.