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.’’
The Bureau of Meteorology has released a severe weather warning for regions that include Shepparton. It includes damaging winds and the potential for flash flooding.
Pete O’Neill and Abby Hicks are national champions at the completion of the 2015 Australian Barefoot Championships held last week.
GVAC women Rachel Pratt and Jacquie Fitzpatrick showed the men, and the large crowd at Rushworth Speedway on Saturday, March 28, they have what it takes when competing in the men’s classes.
Two international backpackers have taken aim at contractors who hired them to pick fruit in the region without payment.
Rochester boxing coach Chris Trewin and his team of dedicated trainers have been hitting the bag for more than six months and the results are beginning to show.
Local MP calls for community applications
A special event will take place at Pioneer Park on Sunday.
Jerilderie's born and bred Madeleine Harris has been recognised for her banking and finance career
Concerned Costerfield residents had the chance to voice their antimony health concerns last week after an independent facilitator was appointed.
Strathmerton clinched a win in the high-scoring game against Mathoura on the weekend in the PDFL North West competition.
Deniliquin swimming dynamo Stephen Dalzell has finished 13th overall in his preferred event at the Australian Age Championships.
Murray Goulburn Co-operative has set a date for a special meeting to vote on a new capital structure.
Emergency services are on scene of a two-car crash on the Midland Hwy, near Benalla. Two people have died. Traffic is being diverted.
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