Hilton Food is investing €33 million in New Zealand
The company will construct a new meat processing facility in Auckland and supply Progressive Enterprises Ltd (“Progressive”), New Zealand’s leading retailer, trading as Countdown Supermarkets. As Progressive Enterprises LTD is also part of the Woolworths Ltd this development further strengthens Hilton’s existing relationship with Woolworths Ltd.
The development will take place as an extension of the existing site, and is subject to government approvals and the negotiation and finalization of construction and tenure agreements.
It is proposed that Hilton’s newly formed subsidiary, Hilton Foods New Zealand, will finance the new food packing facility, with the commencement of production targeted for 2020.
The new facility will be capable of supplying Progressive stores in New Zealand with a range of beef, lamb, pork, chicken, and added-value products. It is expected that Hilton’s investment in plant and equipment will be approximately NZ $ 54 m.
Hilton Food Group, a leading retail meat-packaging producer, reported an increase in its revenues by 9.3% in the first six months of 2017, to £690.7 million.
The company's operating profit increased by 9% to £18.8 million and its turnover rose by 3.3% on a constant currency basis, reflecting raw material prices increases, enhanced by favorable currency translation.
Moreover, Hilton's volume growth was driven by Australia, Ireland, Sweden and Portugal partly offset by challenging market conditions in Central Europe. It was up 8.7% in the first half of 2017.
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