The factory closures, which will primarily affect the bakery division, are expected to boost the company's manufacturing capacity from 60% to 85%.
Goodman Fielder has also initiated a review of underperforming business and plans to divest them, a move which is expected to improve the company's earnings margins.
The profitability of remaining businesses will be increased by eliminating underperforming product lines - the company has already cut nearly 150 lines from its Australian bakery division.
The latest move comes Goodman Fielder after reported a net loss of A$146.9m ($150.66m) for 12 months to June 2012 - an improvement from A$166.7m ($170.97m) loss in 2011.
The restructuring plan includes achieving sales growth by doubling the marketing investment, of which, 90% will be allocated to five product categories - bakery, dairy, flour and cake mix, spreads and dressings and mayonnaise.
