Goodman Fielder Limited
(ASX:GFF) is selling its biscuits business in Australia to Green's Foods, with net proceeds to total $17 million.
But the company will record a non-cash impairment of between $50 million and $55 million in its half year accounts as a result of the sale.
The business produces sweet and savoury biscuits, with brands including Paradise, Cottage, Vive and Veri Deli.
Goodman Fielder chief executive Chris Delaney says the transaction is consistent with the company's strategy of focusing on core categories and brands.
The transaction is expected to be completed by the end of February 2014.
Goodman Fielder generated a net profit of 109.8 million for fiscal 2013.
