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Freedom Foods To Sell Health Cereal, Snacks Businesses To Arnott’s

December 18, 2020: 12:00 AM EST
The beleaguered Australian food company, which recently stunned investors when it revealed it had a nearly A$600 million hole in its accounts, is selling off its health cereal and snacks business to Arnott's, a company that was carved from the Campbell Soup Company last year in a A$3.2 billion deal led by private equity firm KKR. Freedom Foods, which is facing a shareholder class action as it tries to raise capital, will also change its name to distance itself from a recent trading and financial mess that has seen its chief executive and chief financial officer quit in quick succession after hundreds of millions of dollars of impairments drenched the accounts in red ink. The sale includes various cereal and snacks manufacturing facilities in New South Wales and Victoria, as well as the Freedom Foods, Messy Monkeys, Heritage Mill, and Arnold's Farm brands. It does not include the Crankt Protein brand.
Gill Hyslop, "Arnott's bites into Freedom Foods", BakeryandSnacks.com, December 18, 2020, © William Reed Business Media Ltd
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