By Carlo Martuscelli

Hilton Food Group PLC (HFG.LN) said Monday that it plans to take operational control and ownership over Australian assets currently operated in a joint venture with Woolworths Group Ltd. (WOW.AU).

The food-processing company said it will take operational control of the Bunbury and Truganina meat plants from its joint venture with Woolworths group for a two-year period.

Hilton said that at the end of the period it will buy the two facilities outright from Woolworths for 85 million Australian dollars ($66.6 million), which will be paid in cash or equity.

Hilton Food will continue to supply Woolworths with meat through its subsidiary, Hilton Food Australia, it said.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

February 26, 2018 03:14 ET (08:14 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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