Australia’s largest tomato processor in receivership
Cedenco Foods Australia has been placed in the hands of receivers but will remain in operation pending a sale of the business.
Located in the town of Echuca, the company operates the largest tomato-processing factory in the southern hemisphere. Earlier this year a company owned by their US owner filed for bankruptcy but Cedenco said at the time that their business was still performing well. However, “a breakdown in governance and ownership issues in the related New Zealand entity” – which recently met the same fate, has seen the secured creditor appoint receivers across the Cedenco group.
The receivers, KordaMentha, said the company would operate as normal through the peak season early next year as a suitable buyer is sought.