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.’’
Police are diverting traffic following a two-car crash at the intersection of Fryers and Welsford St, Shepparton.
Mulwala’s own motor racing sensation Steve ‘Harro’ Harrison has won the 2014 Victorian Super Tin Tops Championship.
Jody Vincitorio and the boys at JVs Paint and Panel were at it again at this year’s Shepparton Springnats Autofest, taking out a number of awards.
An influx of revellers, including members of the Bandidos Outlaw Motorcycle Gang, were the target of more than 20 extra police who flooded Echuca’s streets at the weekend.
Four people, including a father and his two children, were fined more than $18,000 for their role in an alcohol-fuelled brawl at a Lockington party earlier this year which ended in a teenager beaten up and forced into a dog cage.
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