Goodman Fielder to buy Arnott's Papua New Guinea business
February 27, 2007
by Eric Schroeder
CAMDEN, N.J. — Goodman Fielder, Australia’s largest publicly-owned food company, has reached agreement to acquire the Papua New Guinea business of Arnott’s Ltd., a subsidiary of Campbell Soup Co. The Arnott’s business includes a range of biscuit, cereal and noodle products under such brands as Paradise, Morobeen, Arrow and Gold Nuggets.
As part of the transaction, Goodman Fielder will acquire two manufacturing plants and warehouses in Port Moresby and Lae in Papua New Guinea.
For its part, Campbell said it sees the sale of Arnott’s Papua New Guinea as an extension of its new global strategy, which includes greater focus on key growth markets in the Asia Pacific region, including Australia, New Zealand and Indonesia.
Financial terms of the transaction, which is expected to be completed within the next few months, were not disclosed.