February 26, 2018 / 7:37 AM / 7 months ago

BRIEF-Hilton Food, Woolworths To Restructure Australian Meat Processing JV

Feb 26 (Reuters) - Hilton Food Group Plc:

* WESTERN AUSTRALIA AND VICTORIA JOINT VENTURE

* ‍CO AND WOOLWORTHS GROUP LTD TODAY ANNOUNCE AGREEMENT TO RESTRUCTURE THEIR AUSTRALIAN MEAT PROCESSING JOINT VENTURE​

* ‍AGREEMENT INCLUDES LONG TERM CONTRACTS FOR HILTON FOODS AUSTRALIA (“HFA”) TO SUPPLY WOOLWORTHS SUPERMARKETS WITH PACKAGED AND VALUE-ADDED MEAT PRODUCTS​

* ‍HILTON WILL BEGIN FULL OPERATIONAL CONTROL OF BUNBURY AND TRUGANINA PLANTS FROM 1 JULY 2018​

* ‍AT END OF A TRANSITIONAL PERIOD OF 2 YEARS, HILTON FOODS AUSTRALIA WILL ACQUIRE RELEVANT PLANT ASSETS FOR A BOOK VALUE EXPECTED TO BE AU$85M

* ‍DURING THIS TRANSITIONAL PERIOD, HFA WILL COMMISSION A NEW MEAT PROCESSING PLANT IN QUEENSLAND​ Source text for Eikon: Further company coverage:

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