U.K.-based packaged meat manufacturer Hilton Food Group plc said Feb. 26 that it restructured a meat-processing joint venture with grocery chain Woolworths Group Ltd.

Under the restructured agreement, Hilton will take full operational control of the Bunbury and Truganina plants beginning July 1. Hilton Food will purchase the relevant plant assets for a book value of approximately A$85 million after a transitional period of two years.

Hilton Food had an agreement with the Australian grocer to operate a meatpacking plant in Bunbury, Western Australia, under a jointly owned new company, Woolworths Meats Co Pty., with all operating assets owned by the grocer.