Alliance Select Foods International Inc. said it has sold its Massachusetts-based subsidiary Spence & Co. to Acme Smoked Fish of Massachusetts LLC, and the land and building of unit PT International Alliance Food Indonesia (PT IAFI) to PT Multi Nabati Sulawesi, a subsidiary of Wilmar International Ltd.
“The sale of both Spence & Co. and assets of PT International Alliance Food Indonesia is part of Alliance Select’s strategy to focus on its Philippine and New Zealand operations,” Alliance Select said.
“Ninety percent of our business is in the Philippines and New Zealand. Growing our operations and maintaining our profitability in these countries is our priority in the medium term. To ensure the sustainability of our results, we must consolidate our gains and make decisions that are consistent with our objectives,” said Raymond K.H. See, Alliance Select president.
Proceeds from the sale will be used to fund capital expenditures and significantly reduce debt.
