• The sale of Freedom Foods Group’s Cereals and Snacks business to The Arnott’s group has been completed. The sale was announced in December, just weeks after reporting on its “deeply disappointing” FY20 $175 million loss.
    The sale of Freedom Foods Group’s Cereals and Snacks business to The Arnott’s group has been completed. The sale was announced in December, just weeks after reporting on its “deeply disappointing” FY20 $175 million loss.
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Freedom Foods Group has extended its voluntary suspension from trading to 30 November. The company extended its suspension to 30 October on 9 July when the scale of its inventory write-downs and bad debts were being realised.

Since then Michael Perich - the Perich family own 54 per cent of the business - has been installed as interim CEO and lender support secured from HSBC, NAB and Arrovest as the board undertakes a recapitalisation plan.

It’s also now being sued for US$16 million by US almond growers’ group Blue Diamond Growers in the US.

 

 

Packaging News

Sustainable packaging achievements were recognised at the APCO Annual Awards in Sydney last night. The event celebrated organisations, and individuals, driving change towards the 2025 National Packaging Targets and beyond. PKN was there.

Adamantem Capital is bidding to acquire Close the Loop Group. The board has recommended the offer, and is realigning itself, with CEO Joe Foster stepping down from the board, as are the chairman and CFO. Foster will become chief operating officer at the company.

In one of the biggest deals ever undertaken by an ASX-listed business, Amcor is acquiring US-based Berry Group in an all-stock merger, in a move that will create a consumer and healthcare packaging business with 400 operating plants around the world.