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 redevelopment of Shepparton Library, which will feature accessible shelving, a teen-specific area, a Skype booth and internet-enabled work stations, will be completed in the next two months.
The Ovens & Murray qualifying final between Yarrawonga and Lavington on Saturday left spectators talking more about the standard of umpiring than the two competing teams.
Greater Shepparton City Council was successful in securing the National Cutting Horse Association Victorian Futurity Cutting Horse Championships for 2014 and 2015, with this year’s event scheduled from September 10-14 at Tatura Park.
The Kiss Angels, 50 Shades of Hope team have come up with a creative way of fundraising for the Relay for Life, a purple potty.
District hotels and businesses may change rosters with penalty rates for casual employees on Sundays set to be cut.
Students visit local businesses for reading lessons
Bottle thrown at Jason Cole in bitter aftermath to Seymour-Benalla game on Saturday.
A truck driver is lucky to be alive after crashing into a Jerilderie home yesterday morning.
Chef and co-owner of Heathcote’s Willow Room Brent Loam is thrilled with the listing in the 2015 Age Good Food Guide
Cobram kids learn about health with hospital as state-wide obesity campaign is launched.
Murray Irrigation to search for new boss after Anthony Couroupis finishes with the company.
A few anxious customers were outside the closed gates of the failed Bee-Jay Machinery business on Goulburn Valley Hwy in Shepparton on Tuesday morning, wondering what would become of deposits they had paid for tractors and other machinery.
A sophisticated hydroponic cannabis system was discovered by police at the Victoria Hotel last week.
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