The $240 million purchase includes the commercial business’ four fats and oils refining assets located in West Footscray in Melbourne, Murarrie in Brisbane, Bunbury near Perth and East Tamaki in Auckland, New Zealand.

Goodman Fielder will retain the title to the land at the Brisbane facility, which is subject to an extended lease back to Cargill.

“The operation's refining footprint complements our existing state-of-the art edible oil refinery in Newcastle,” said Bram Klaeijsen, president and regional director, Cargill Asia-Pacific.

“This acquisition will provide Cargill with national Australian and New Zealand manufacturing and supply capabilities, which will enable us to better serve our customers.”

The sale also involves a long-term supply agreement under which Cargill will supply refined fats and oils products to Goodman Fielder.

“We are very pleased that Goodman Fielder has chosen Cargill as a long-term partner for this important supply agreement,” Mr Klaeijsen said.

“We are confident that with our advanced fats and oils technologies and broad food ingredients portfolio we will provide value to this partnership and our customers in the region.

“This acquisition will enable us to offer our customers integrated solutions that help drive growth through new product innovation, and deliver efficiencies through our supply chain, risk management and process optimization capabilities.”

The purchase is subject to a number of conditions, including approval from the Australian Competition and Consumer Commission (ACCC).

For more information visit Cargill Australia, www.cargill.com.au