Flexnews, 12 Nov 2008, Reuters
Singapore, Nov 12 - Singapore Food Industries said on Wednesday it may sell or shut some of its overseas units and buy businesses closer to home in a bid to streamline its operations.
The firm, which majority shareholder Temasek Holdings is looking to sell, also said revenue growth will likely be hit in the first quarter of next year as the global economic slowdown hits its key markets.
"It will just be harder for us to make our sales in both UK and in Singapore," Chief Executive Roger Yeo told Reuters in an interview on Wednesday. Yeo said SFI has shut its Australian subsidiary Schulz Fisheries and is in talks to divest or shut some of its operations in China and Australia.
The food processing firm has also said it plans to shut a factory in Ireland that produced ready meals and chilled soup, but is in a process of consultation with the labour union.
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