Monday 17th October 2011
|Text too small?|
Goodman Fielder is merging its three New Zealand divisions into a single business and tapped one of its executives to the newly created role of country managing director.
Peter Reidie, the Sydney-based food manufacturer’s dairy and meats chief, will oversee the integrated baking, dairy and home ingredients businesses in New Zealand, which have annual sales of about $1 billion.
“We are one of the biggest suppliers to the retail grocery trade in New Zealand and yet we have been operating as three semi-independent companies,” Goodman chief executive Chris Delaney said in a statement. This makes it hard for our customers and suppliers to do business with us and it also means that we have not been able to use our scale to drive efficiencies.”
In August the company, which has brands including Edmonds baking products and Vogel’s bread, said underlying annual net profit fell 17.3% after a significant decline in the second half, particularly in its baking and dairy divisions.
It took an A$300 million write-down in the value of its baking division, resulting in a bottom line loss of A$166.7 million, and has overhauled its senior management.
Delaney started on July 4 and replaced Peter Margin who left the company at the end of April.
Shares of Goodman Fielder rose 6.1 percent to 70 cents on the NZX and have tumbled 62 percent this year.
The company is rated a ‘hold’ based on the consensus of 11 analyst recommendations compiled by Reuters.
No comments yet
Goodman Fielder returns to full-year profit; baking, NZ dairy units improve
Goodman Fielder 2013 earnings will fall on higher marketing spend, lower poultry sales
Goodman Fielder 1H profit more than doubles on asset sales; revenue falls
Goodman Fielder to sell Integro unit for A$170M to GrainCorp consortium
Goodman Fielder scotches media reports of approach from Wilmar
Goodman Fielder, selling assets and taking charges, narrows annual loss
Goodman Fielder's earnings to be at lower end of guidance
Wilmar targets 10% stake in Goodman Fielder, keen on buying non-core assets
Goodman Fielder 1H profit slumps 77%
Goodman Fielder refinances A$500 mln bank facilities