FOOD producer Goodman Fielder is selling its biscuits business in Australia to Green's Foods, generating proceeds of $17 million.
But the company will record a non-cash impairment of between $50 million and $55 million in its half year accounts as a result of the sale.
The business produces sweet and savoury biscuits, with brands including Paradise, Cottage, Vive and Veri Deli.
Goodman Fielder chief executive Chris Delaney said the transaction was consistent with the company's strategy of focusing on core categories and brands.
Goodman Fielder also produces spreads, flour and dressings, with brands including MeadowLea, Olive Grove and White Wings.
"The biscuits business is not core to our grocery division, and we formed the view that this business can maximise its potential under different ownership," Mr Delaney said.
Green's, which is Australian-owned and operated, said the acquisition would secure the jobs of more than 300 employees.
It said the acquisition of Goodman Fielder's biscuits business would make Green's the second largest Australian-based biscuit manufacturer and the largest Australian-owned biscuit company.
The transaction is expected to be completed by the end of February 2014.
Shares in Goodman Fielder were 1.5 cents higher at 66.5 cents on Monday.
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