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.’’
Country Fire Authority units are at the scene of a fire on Leithen St in Shepparton this afternoon.
Mulwala Thirds full forward Gus McMillan kicked his 100th goal for the season on Saturday.
Murchison and Tatura SES units were two of 26 Victoria State Emergency Service volunteer units to receive an allocation of new equipment this week as part of the annual AAMI equipment handover program.
The Queensland Fruit Fly was discussed a Murray Shire meeting on Tuesday afternoon - with plans being made for two public forums.
The Rochester Mural Festival will feature murals similar to ones displayed in Sheffield, Tasmania.
Girgarre Primary School students relate what the best book is they have read and why.
Moving ceremony on a cold Seymour night.
A commemorative plaque to mark 100 years of Berrigan Red Cross has been unveiled outside the Berrigan RSL Club.
Lillian King has celebrated her 100th birthday, surrounded by family members and friends.
Tocumwal defeated in Picola and District Football Netball League seniors action on Saturday, with Strathmerton taking a convincing win.
An announcement of NSW Government support for the re-opening of the Deniliquin Abattoir was made in Deniliquin this afternoon.
A $100 million investment program will recommence following parent company Coca-Cola Amatil's decision today to invest $78 million into SPC Ardmona.
She has hypoplastic left heart syndrome and Benalla residents have rallied to raise money to pay for Poppy's ongoing surgical treatment.
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