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Cedenco Foods sold to Japanese food company

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 29 NZPA - Food ingredients manufacturer Cedenco Foods has been sold to Japanese food group Imanaka Ltd, subject to Overseas Investment Office approval, receivers said today.

The business was being sold as a going concern, and Imanaka planned to continue operating Cedenco Foods in Gisborne and Hawke's Bay, receiver Brendon Gibson of KordaMentha said.

"The timing of the sale will provide further certainty to all parties as we head into the next growing season," he 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, Mr Gibson said.

Imanaka had been associated with Cedenco Foods for over 15 years, and operated food businesses in Australia, Singapore, Thailand, China and Japan.

ANZ had moved to put Cedenco Foods in receivership after a default in the company's banking facilities.

There had also been concerns over governance and about the United States owner of the business, SK Foods, which was caught up in an American probe into corruption and bribery.

Cedenco owed ANZ about $46 million when it went into receivership.

Cedenco businesses in Australia have been sold separately by their receivers.

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