Australia's Goodman Fielder to sell Integro oils business

WELLINGTON Mon Aug 27, 2012 7:23pm EDT

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WELLINGTON (Reuters) - Australasian food company Goodman Fielder Ltd (GFF.AX) said on Tuesday it had agreed to sell its Integro oils business for A$170 million ($176 million) to a consortium comprising GrainCorp GNC.AX> and Gardner Smith.

It said the sale did not include the out-of-home business in Australia, or Goodman Fielder's Asia Pacific fats and oils business.

As part of the divestment Goodman Fielder will enter into a long-term partnership with GrainCorp for the supply of oil and finished goods.

Goodman Fielder, shares in which closed at A$0.535 on Monday, said it would book a profit of around A$25 million on the deal and significantly reduce its debt.

(Gyles Beckford)