Australian baked goods group KH Foods is in negotiations with several interested parties regarding the sale of certain of its assets.
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The pies and cakes producer said that its attempts to turn the company around from the first half of the 2007 fiscal year had not been successful.
“The board is disappointed to advise that despite concerted efforts, these initiatives have not been successful and the 2007 full-year trading outlook is unlikely to show any improvement on the first half run rate,” the company said.
KH added that it had been approached by a number of interested parties, and was “in discussions” regarding the sale of parts of the company. “The board is exploring these expressions of interest to determine what is in the best interest of shareholders and hopes to be in a position to make a more definitive announcement in early July 2007,” the company said.
In April, KH Foods CEO Ray Mooney left the company “to pursue other interests”, with chief financial officer Ken Parsons becoming acting chief executive.
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