ENZA Foods, which trades as T&G Foods, will be sold to Cendenco Foods New Zealand following the success of a purchase agreement made between the company and T&G Global today.
Under the terms of the agreement, Cendenco Foods will take control of T&G Foods’ processing business, employees, and assets in Hastings, the fruit ingredient assets based in Nelson, the realisable value of existing inventory, and the property lease in Hastings.
The deal is set to be settled on 20 April, and in the transition period T&G Will continue to operate T&G Foods as usual while retaining existing employees.
T&G’s pipfruit division has also made a long-term agreement with Cendenco Foods for the supply and processing of apples.
In addition to the sale agreement of T&G Foods, the sale of T&G’s small format pouch assets in Nelson will take place following a purchase agreement between New Zealand Apple Products, who will also lease T&G’s Nelson site for the next three years.
“T&G Foods’ people, products and production facilities will benefit from being owned and operated by Cedenco and NZ Apple Products Limited who are both focused on fruit processing and are willing to invest for the long-term,” said T&G’s chief strategy officer, Tim Clarkson.
Discussions are underway concerning the company’s apple juice concentrate facility in Nelson, with further announcements made in due course.