Goodman Fielder closes more bakery doors

By Ankush Chibber

03-Sep-2012 - Last updated on 04-Sep-2012 at 16:00 GMT

Related tags: Goodman fielder, Chief executive officer

Struggling food firm Goodman Fielder will add further factories to its string of closures as it desperately tries to slash costs and consolidate business.

While no sites have been identified, it said the closures would predominantly be in its baking division.

In its investor briefing on Monday, the firm said that it would close at least another 10 factories in Australia and New Zealand as part of its aim to save A$100m over the next three years.

Chris Delaney, chief executive officer at Goodman Fielder, said at the briefing factories operations would be slashed from 53 sites to 35 or fewer—either through closures or sales.

As part of its noose tightening, the firm is also reducing its portfoilio and bakery network to nine in New Zealand and around 18 in Australia.

Rocky times

Its bakery division has been in the spotlight this year, with three site closures announced in June. See HERE.

It is also undergoing a wider consolidation plan and sold its commercial oils business last week (see HERE).