SPC Ardmona’s future in Shepparton has been secured for at least the next five years, with the Victorian Government tipping $22 million into the company.February 18, 2014 11:00am
SPC Ardmona’s future in Shepparton has been secured for at least the next five years, with the Victorian Government tipping $22
Coca-Cola Amatil will provide the rest of the funding.
Victorian Premier Denis Napthine said the government was confident of the company’s business plan.
‘‘This is a critical time for SPC Ardmona — the very future of this plant was on the line,’’ Dr Napthine said.
‘‘The Victorian Coalition Government through its co-investment with SPC Ardmona has delivered security and safety for the future of this plant.’’
Several conditions have been attached to the deal, including maintaining at least 500 full-time equivalent staff in Shepparton for the next three years.
SPC Ardmona will be required to remain in Shepparton for the next five years.
If it withdrew from the region it would be required to refund the Victorian Government’s contribution.
The money will be used to drive new product, packaging innovation and efficiency measures at the cannery.
Victorian Deputy Premier Peter Ryan said through innovation the company could capitalise on the growing Asian market.
‘‘It needs to make the transition away from what some would say has been the historical product .
‘‘Not only within Australia, but the market beyond.’’
The amount is less than the $140
SPC Ardmona’s original proposal involved $25
The company would have provided an additional $90
The plan was scuttled when it was rejected by Federal Cabinet, drawing strong criticism from Federal Member for Murray Sharman Stone.
SPC Ardmona managing director Peter Kelly said the co-investment would allow the company to innovate.
Following Federal Cabinet’s refusal to assist SPC Ardmona, Coca-Cola Amatil announced a material review, including a write-down in the company’s assets.
Coca-Cola Amatil group managing director Terry Davis confirmed the write-down would go ahead last week.
‘‘Coca-Cola Amatil’s board of directors is comfortable with the returns expected for SPC Ardmona under the new investment package,’’ Mr Davis said.
‘‘Notwithstanding that, in order to right size the business, write-downs will occur in the 2013 accounts. These will be detailed further at Coca-Cola Amatil’s full year results presentation this week.’’
A couple and its young child were threatened with a knife on Sunday night in an attempted armed robbery at an Ardmona playground.
The Tungamah Football Netball Club has completed a fairytale season to clinch the Picola and District Football Netball League South East Premiership with an emphatic 106 point win over the Katamatite Tigers at Tungamah.
Billed as ‘Fabulous Flowers and Fine Food’, Tatura’s Anglican Church Parish had a successful fundraiser on Thursday, September 4.
Airtourer Association members visited Echuca at the weekend.
Rochester Salvation Army volunteers are annoyed people are dumping unusable items outside the op shop.
Don’t write Ky off yet, says coach ahead of preliminary final
Seymour event packs out St Mary's College on Saturday night.
Star Tocumwal defender took her club's A grade best and fairest award last weekend, adding to her 2014 PDNL medal.
Mia Mia Cricket Club is about to field its first cricket team since 2001
Moira Shire councillors describe the municipality’s finances in a ‘‘fair’’ financial position, despite missing performance targets and a financial sustainability indicator falling into ‘high-risk’.
Deniliquin High School principal Andrew Collins recently announced he will retire at the end of the school year.
Water purchase costs rose by 27 per cent in 2013-14, the latest Dairy Farm Monitor Project has found.
More than 320 000 foxes and 1500 wild dogs had been eradicated under the bounty scheme in the past three years.
- Motorcycle ride raises money for cancer charity
- Leukaemia patients come together to support Light the Night Benalla
- Permit sought for a clay target shooting range at a disused quarry at Baddaginnie
- Acclaimed pastry chef returns to Benalla
- Benalla resident on journey to help others with mental illness
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.