Cedenco Australia, the country’s largest tomato processor, has been sold to Kagome Co, a Japanese food manufacturer after nearly eight months in receivership. According to local reports, the sale will result in all creditors being paid in full.
Craig Shepard, a spokesperson for KordaMentha, Cedenco’s administrator said: “This will place Cedenco Australia in the hands of a major global industry participant which has been operating in the tomato business for more than 100 years. Kagome is the largest primary producer of tomato based ingredients in Japan.”
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Shepard added Kagome was selected as the preferred bidder in a competitive sale process conducted by Goldman Sachs JBWere. The sale will take about a month to complete.
