Bakery to Be Swallowed?

By RASMUSSEN, Warwick

Australian-based food giant Goodman Fielder, part-owned by New Zealand’s richest man Graeme Hart, is positioning itself to buy out one of Huntly’s largest employers, River Mill Bakeries Ltd.

Goodman Fielder has applied to the Commerce Commission for approval to buy the privately-owned company.

River Mill employs about 120 people and has been owned by the Shand family since Alex Shand began the business in 1914.

Owner Gerald Shand this morning confirmed a sale was possible.

“It hasn’t happened in the last five minutes. We’ve been going through this process for some time now.”

In a statement, Goodman Fielder chief executive Peter Margin said buying River Mill was “in line with our growth strategy and allows us to expand into new markets”.

If the sale went through, all company operations would be reviewed, although it is unclear what this means for staff. First, the Commerce Commission has to be satisfied that the acquisition wouldn’t substantially lessen competition in the market. — Warwick Rasmussen

(c) 2007 Waikato Times. Provided by ProQuest Information and Learning. All rights Reserved.