Penford sells Australian assets for $12 million

Posted by Isobel Drake on 3rd December 2009

Food ingredients business Penford Corporation has sold Penford Australia Ltd, including its two remaining plants, to National Starch for US$12 million. The sale follows that of their New Zealand business in September.

“The divestiture of the Company’s Australia and New Zealand businesses marks another important strategic action,” said Tom Malkoski, President and Chief Executive Officer. “This step will permit the realignment of our financial and human resources so that we can focus on expanding specialty products in our Food and Industrial businesses and overall returns for the Company.”

“We wish to express appreciation to our former co-workers at Penford Australia for their commitment and dedication in managing the business and in helping to conclude a successful transition to new ownership.”

Penford entered Australia and New Zealand through purchases from Goodman Fielder in 2000.