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’s March rainfall was negligible and the lowest since the worst years of the last drought.
The Yarrawonga Mulwala B Grade Rams have secured the Des Johnston Shield as WDCA B Grade Two Day Premiers for season 2014/2015 with a crushing win over City Colts.
Two Tatura junior tennis teams played in Grand Finals of the Shepparton and District Junior Tennis Association on Saturday, March 21.
Animal experts are warning people not to buy rabbits as gifts this Easter, thinking they will be cute and easy pets.
Four Rochester projects are a step closer to completion.
20th Heritage Day a hit
Great range of entries in both garden and photographic competition.
Finley have now formed their own Local Health Advisory Committee.
Heathcote police have continued to make ground in their fight against illicit drugs with more raids and arrests in the past week.
Cobram Highway Patrol urges care on the roads over the Easter long weekend.
After more than 10 years of planning, the miniature railway at Deniliquin;s Memorial Park will begin operating on Sunday.
Toolamba Primary School student Felix Turnbull is looking forward to seeing his face on new SPC labels that will be on supermarket shelves across the nation.
Benalla streets have come alive with street art. The large painted images adorn some of the town's buildings, creating a spectacular sight.
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