Goodman Fielder completes divestment programme

The sale of Leiner Davis Gelatin to Tessenderlo Chemie SA/NV was above book value at $A115 million.

Goodman Fielder chief executive Tom Park said today's announcement was the culmination of more than two years' work to divest the company's non-core assets and focus on its retail branded businesses in Australasia and the Pacific.

He said 65 percent of GMF's total revenue now came from retail food businesses.

The sale was subject to regulatory approval but "based on the US Federal Trade Commission review of our other gelatin divestments, we don't anticipate any approval difficulties," Mr Park said.

Goodman Fielder shares were steady today at $NZ1.86. The company is under a hostile takeover bid by ingredients company Burns Philp, controlled by New Zealand billionaire Graeme Hart.

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