Agreement reached
N.Z. Press Association)
WELLINGTON, March 28. Wattie Industries, Ltd, and the British Tobacco Company (Australia), Ltd, have reached agreement in principle for the establishment of a joint venture covering their interests in frozen vegetables in Australia, the companies have announced in a joint statement.
Under the proposals, the vegetable business of British Tobacco, including that of Pict, Ltd, recently acquired will be combined with Wattie Industries frozen food distribution facilities in Australia. The combined operation will be equally owned by the companies.
An investment of about s4m by Wattie Industries will partly be met by an issue of Wattie shares to British Tobacco.
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Bibliographic details
Press, Volume CXII, Issue 32879, 30 March 1972, Page 15
Word Count
105Agreement reached Press, Volume CXII, Issue 32879, 30 March 1972, Page 15
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