Tasmanian food producer TasFoods is selling its premium cheesemaker Pyengana Dairy for $2 million as the publicly listed company continues efforts to stem years of losses.
The company this week announced it will offload the north-east artisan dairy operation, which it bought in 2017 for $1.55 million.
TasFoods said the century-old Pyengana business needs different ownership to reach its potential.
“The current TasFoods company structure is not the appropriate vehicle to develop and scale up the Pyengana Dairy premium brand and business,” an ASX announcement read.
“[TasFoods Limited] believes that new ownership is most appropriate for Pyengana Dairy to continue its journey as Australia’s favourite premium artisan cheese.”
A shareholder has been granted a non-binding option to purchase the operation, with a deadline set for September.
The sale proceeds will be channelled into TasFoods’ poultry operations, the company’s remaining core business alongside its pet treat brand, Isle and Sky.
The move is the latest in a string of asset sales as TasFoods chases profitability.
The company has previously sold Meander Valley Dairy, Shima Wasabi and Betta Milk – all at a loss.
The Betta Milk factory sale is expected to finalise in September.
