Imanaka purchases failed food processor.
Cedenco Foods has been saved from liquidation by its sale to the Japanese food company Imanaka.
Imanaka already has a share in Australian Dairy Blends and lists its leading commercial activities as: import, export, and domestic sales of dairy products, oil products, poultry products, agricultural, seafood and live-stock products.
The sale is subject to Overseas Investment Office approval. ”The timing of the sale will provide further certainty to all parties as we head into the next growing season,” receiver Brendon Gibson of KordaMentha said.
Cedenco is one of the country’s biggest vegetable processors, and employs a large seasonal workforce.
Business had carried on as usual since receivers took over in November due to seasonal funding from ANZ National and support from employees, suppliers and customers, Gibson said.
Imanaka had been associated with Cedenco Foods for over 15 years, and operated food businesses in Australia, Singapore, Thailand, China and Japan.
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