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.’’
Shepparton tennis prodigy Hugo Kearney will travel to Melbourne next month as the only regional player competing in the under-12 Australian Championships.
The Yarrawonga Mulwala Cricket Club has hosted the first ever ACA Masters contest at the Stan Hargreaves Oval in Yarrawonga.
There was a good turnout for Wednesday’s Remembrance Day service in Tatura, which saw a number of wreaths laid at the War Memorial, and the presentation to Brad Corken, of the Tatura RSL Spirit Award 2015, by president Robert Mathieson.
WHEN Kim Burns made the switch to special education after 20 years as a nurse, it was a big career change.
A GROUP of Rochester Secondary College students visited Bendigo last week to donate blood for the first time.
Bowls Club hosts 49th Victorian Country Masters Pairs
The Oriential Weatherloach has infested the Goulburn River.
The largest ever Strawberry Fields crowd turned out to enjoy the event on the Murray River at Tocumwal at the weekend.
AFTER the hottest October in Victoria since records began in the 1850s, it will come as little surprise that rainfall across the district was unusually low.
No, it won’t be Rudolph the red-nosed reindeer creating the Christmas lighting in Cobram this year, it will be Cobram couple, Ron and Kath Renfrew,
‘Peppinella’ development bigger than first planned
Watch and Act issued for Corowa and Wahgunyah near Rutherglen, urging people to leave now as conditions may worsen.
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