By LIAM DANN
Burns Philp has missed its own June 30 target to complete a review of Goodman Fielder's operations.
But chief executive Tom Degnan says he is unconcerned about the time the review of newly acquired Goodman's three divisions is taking.
"Initially we said we'd like to be complete by end
of June," he said. "But it was a target date, there was no magic about it."
The review was well advanced, he said. "We'll be finished when we're finished."
Burns Philp, which is majority owned by billionaire Graeme Hart's Rank Group, completed the $2.1 billion takeover of Goodman Fielder in March. Degnan said he could not provide any more detail about the review until Burns Philp reported its full-year results to the Australian Stock Exchange in August.
The company indicated in its third-quarter report that it expected to generate A$50 million ($55.8 million) in annualised cost savings out of the review. It was still on track to do that, Degnan said.
The New Zealand division was a strong performer and not likely to face big changes, he said. "It is very well managed.
"From what I've seen it's a very good business for us."
Degnan downplayed recent speculation that Burns Philp might be involved in a Graeme Hart-led bid for Australian dairy company National Foods.
"I think we're pretty well focused on the Goodman Fielder acquisition," he said "This is a big company and we're intent on making a success out of it."
