September 21/Daily Business Alerts (Australia) -- Western Australia's (WA) FFI has agreed to sell its Olympic Fine Foods business division to Stirling Foods.
Olympic Fine Foods is concerned with the retail sale and distribution of dried fruit, nuts and snack foods in WA.
"The agreement provides for the sale and relocation of the business to Stirling Foods and the formation of a strategic alliance between Stirling Foods and FFI," the company said in a statement.
FFI said consideration for the sale of the business of A$1.83 million exceeds the book carrying value of the assets sold and the company expects to record a profit of A$400,000 on the transaction.
The company said there were a number of benefits in selling Olympic Fine Foods including increasing the company's focus on other core national business operations and providing more space for its rapidly expanding operations.
Meanwhile, FFI has also announced it will acquire the "Snowflake" icing sugar brand. Snowflake is owned by WA-based Anchor Foods. FFI said the purchase will require and investment of A$250,000 which will be funded from cash reserves.
"The brand which is being acquired is an ideal fit and will compliment the Company's existing "Softa" icing sugar brand," FFI said.
From the October 4, 2010, Prepared Foods E-dition