Golden Heritage Foods today announced plans to divest ownership of its Ohio plant and equipment assets to a private investment group headed by Dwight Stoller, current owner and vice chairman of Golden Heritage Foods? board of directors.
As part of the transaction, the parties will enter into a long-term contract packaging agreement. The transaction is scheduled to close by June 30.
This divestiture will allow Golden Heritage Foods to increase emphasis in its core competencies of marketing and packaging honey, molasses and complementary liquid sweeteners.
?This change will be seamless to our customers and suppliers,? said Brent Barkman, majority owner and chairman of the board for Golden Heritage Foods.
?Under the strategic contract packaging agreement, we will continue to have two plants from which to competitively operate across the United States and retain the ability to immediately transfer production to either facility should that become necessary.
?Golden Heritage Foods will be able to further optimize its efficiencies in fixed cost plant and equipment, and ensure that our customers continue to receive the highest quality, competitively priced products.?
Dwight Stoller said, ?In addition to our continued strategic relationship with Golden Heritage Foods, this will allow our Ohio investment group to aggressively pursue contract packaging opportunities within the food industry that do not compete with Golden Heritage Foods? product offerings.?
Golden Heritage Foods is a leading food packaging and marketing organization that has served national food service distributors and major grocery chains throughout North America for nearly 50 years.