• Milklab continues to be a successful business for Noumi.
    Milklab continues to be a successful business for Noumi.
  • Freedom Foods Group's launched its personalised nutritional brand Vital Life in 2020. Immune Shot combines manuka honey, lactoferrin and vitamin C.
    Freedom Foods Group's launched its personalised nutritional brand Vital Life in 2020. Immune Shot combines manuka honey, lactoferrin and vitamin C.
  • 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.
  • Milklab manufacturer Noumi says if it doesn’t achieve performance targets or fails to defend legal action, the company may not be able to pay its debts or be a viable operation. The legacy of its previous form, as Freedom Foods Group, weighs heavy on the Noumi's future.
    Milklab manufacturer Noumi says if it doesn’t achieve performance targets or fails to defend legal action, the company may not be able to pay its debts or be a viable operation. The legacy of its previous form, as Freedom Foods Group, weighs heavy on the Noumi's future.
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Freedom Foods Group has told the ASX it has secured ongoing support from its principle lenders and majority shareholder, Arrovest. This will ensure it has access to financial facilities as it undertakes a planned recapitalisation, it said.

The 11 September announcement said the company had agreed to a Standstill Deed with its two main lenders, HSBC and National Australia Bank (NAB), which is effective until 30 November. It is subject to FFG meeting certain milestones relating to the progress of the recapitalisation plan.

A guarantee from an entity related to Arrovest means HSBC and NAB will keep certain liquidity facilities available to the group during the standstill period.

FFG interim CEO Michael Perich said they were grateful for the ongoing financial support.

“These agreements provide us with the financial support and flexibility we need to ensure the business continues to perform at its best while we pursue recapitalisation options,” Perich said.

Moelis Australia is advising FFG on its strategic options.

The company remains in voluntary suspension until 30 October.

 

Packaging News

The VMA, in partnership with APIA and the industry-led Labels & Packaging Coalition, has submitted a proposal to the Federal Government addressing key packaging regulation reforms.

A new online platform, ARL Marketplace, has launched to coincide with National Recycling Week, aimed at assisting small and medium-sized enterprises (SMEs) in helping their customers recycle correctly.

MasterFoods is trialling Australia's first paper-recyclable single-serve tomato sauce packs, reducing plastic by 58 per cent compared to its original packaging.