LONDON (ShareCast) - (ShareCast News) - Meat packing business Hilton Food said on Monday that it will go ahead with plans to expand its packing capability to New Zealand.
Hilton will build a new meat processing facility in Auckland and supply Progressive Enterprises, New Zealand's "leading" retailer, trading as Countdown Supermarkets. Hilton said this development further strengthens its existing relationship with Woolworths, which is part of Progressive.

The development will take place as an extension of the existing site and is subject to government approvals and the negotiation and finalisation of construction and tenure agreements. It is proposed that Hilton's newly formed subsidiary, Hilton Foods New Zealand, will finance the new food packing facility, with the start of production targeted for 2020.

The new facility will be capable of supplying Progressive stores in New Zealand with a range of beef, lamb, pork, chicken and added-value products and Hilton expects its investment in plant and equipment will be around NZ $54m.

At 0950 BST, the shares were up 0.7% to 794.88p.

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