Business
Western Australia and Victoria Joint Venture
Western Australia and Victoria Joint Venture.
About this update from Hilton Food Group Plc
[{"type":"text","content":"\n \nRNS Number : 8338F Hilton Food Group PLC 26 February 2018 \n\n \n26 February 2018\nHilton Food Group plc \nWestern Australia and Victoria Joint Venture Facilities for Woolworths Group LTD.\nHilton Food Group plc (\"Hilton\") and Woolworths Group LTD today announce the agreement to restructure their Australian meat processing joint venture. This agreement includes long term contracts for Hilton Foods Australia (\"HFA\") to supply Woolworths Supermarkets with packaged and value-added meat products.\nHilton will begin full operational control of the Bunbury and Truganina plants from 1 July 2018. At the end of a transitional period of two years, Hilton Foods Australia will acquire the relevant plant assets for a book value expected to be AU$85m, for either cash or equity consideration (in the form of a minority equity stake in HFA). During this transitional period, HFA will commission a new meat processing plant in Queensland. \nThis extension to the current partnership between the two companies will enable Hilton to continue to service Woolworths with best in class quality, availability and innovative meat products across Woolworth's expansive store network under these long term 15-year contracts. \nRobert Watson OBE, Chief Executive of Hilton commented: \"We look forward to welcoming the Woolworths employees in Bunbury and Truganina to our team. We have been working closely with Woolworths for five years and we have a deep understanding and respect for each other. Our long term partnership with Woolworths is growing and this is the next phase of an even stronger relationship. The long term contract between us displays the mutual trust we have in our partnership and Hilton looks forward to working with the Woolworths team to strengthen further our world class meat offer in Australia.\"\nPat McEntee, Woolworths Director of Meat said: \"Woolworths is pleased with the value the current joint venture has created within its meat supply chain and is excited to extend the partnership with Hilton to deliver affordable, innovative and convenient protein choices for its customers.\"\nEnquiries:\n\n\n\n\nHilton Food Group plc\n\n\nTel: +44 (0)1480 387214\n\n\n\n\nRobert Watson OBE, Chief Executive\n\n\n \n\n\n\n\nNigel Majewski, Chief Financial Officer\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCitigate De...