Respect for your privacy is our priority

The cookie is a small information file stored in your browser each time you visit our web page.

Cookies are useful because they record the history of your activity on our web page. Thus, when you return to the page, it identifies you and configures its content based on your browsing habits, your identity and your preferences.

You may accept cookies or refuse, block or delete cookies, at your convenience. To do this, you can choose from one of the options available on this window or even and if necessary, by configuring your browser.

If you refuse cookies, we can not guarantee the proper functioning of the various features of our web page.

For more information, please read the COOKIES INFORMATION section on our web page.


News

Australia: several non-binding indicative offers for SPC

22/02/2019 - François-Xavier Branthôme
Coca-Cola Amatil urged to prioritise the sustainability of the Goulburn Valley when selecting a buyer for SPC

Coca-Cola Amatil's profits fell to AUD 279 million from AUD 445 million the previous year, the company said, as it slashed the value of its Shepparton-based food processor, SPC. Excluding the struggling SPC, Coca-Cola Amatil’s profits were down 6.5 per cent to AUD 388.5 million, which the company said was affected by the AUD 40 million being reinvested into the business as part of a national growth plan, the impact of a container deposit scheme in NSW, and "challenging" trading conditions facing its operations in Indonesia.
 
CCA said it had received several non-binding indicative offers for SPC, Australia's largest processor of packaged fruit and vegetables, which was put up for sale in November following a strategic review. On 18 February, the company wrote down the value of SPC to zero dollars, with a AUD 147 million write-down brought on by the "size and structure" of the bids it was receiving for it, and the "inherent uncertainty of the financial outcome of the sale process". CCA bought SPC for AUD 700 million in 2005, and has cut its value in a series of write-downs - by AUD 80 million in 2012, by AUD 146 million in 2013, and AUD 404 million in 2014, and AUD 172 million in 2016. It launched a review of SPC in August, and in November confirmed it would sell the business, which it expects to run at an AUD 10 million loss this year.

At the time of slicing the value of the SCP business in its books, CCA cited the complexity of several bids received so far and uncertainty around how the sale process would play out. "The bidders that we’ve had through can really see the growth potential," said Chief executive Alison Watkins, who added that about a dozen local and international potential buyers had inspected the operations.

Independent Shepparton MP Suzanna Sheed urged the international soft-drink giant to "look beyond financial considerations", and consider the sustainability of the Goulburn Valley when finalising the sale of SPC.

SPC employs more than 200 full-time workers and hundreds more seasonal staff mostly around the Goulburn Valley in northern Victoria, where it is also major buyer of produce from the region's fruit and tomato farmers.

Source: smh.com.au, sharecafe.com.au
Related companies

SPC ARDMONA Ltd

Tomato processor See details
Related articles

Australia: CocaCola Amatil sell SPC

03/12/2018 See details

SPC Ardmona - sales of assets cancelled

28/11/2018 See details

Australia\'s SPC Ardmona sells Taylor\'s sauces

05/10/2018 See details

Australia: Coca Cola Amatil to sell its SPC fruit and tomato processing business

23/08/2018 See details

SPC tomato season successful

17/04/2018 See details
Back

________________________________________

Editor : TOMATO NEWS SAS -  MAISON DE L'AGRICULTURE - TSA 48449 - 84912 AVIGNON Cedex 9 - FRANCE
contact@tomatonews.com
www.tomatonews.com

 

 

Supporting partners
Featured company
Nunhems Netherlands BV
Most popular news
Featured event
15th World Processing Tomato Congress and 17th ISHS Symposium on Processing Tomato
Our supporting partners
immediate bitwave Library Z-Library