Hilton Foods extended its meat supply agreement with Woolworths
As of 1 July 2018, Hilton will begin full operational control of the Bunbury and Truganina plants. Furthermore, according to the agreement, 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$85 million ($66.9 million), 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.
Under the agreement, Hilton will continue to supply Woolworths with meat products across Woolworth’s expansive store network in the next 15 years.
“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,” Robert Watson OBE, Chief Executive of Hilton said in a statement.
“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,” Pat McEntee, Woolworths Director of Meat, added.
Photo Source: Flickr/Alpha
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