Coca-Cola Amatil has announced that it will sell SPC fruit and vegetable processing business to Shepparton Partners Collective Pty Ltd and its group of companies for $40 million.
Both parties are targeting a completion date before the end of June.
Due to the realisation of recognised deferred tax assets, Amatil’s ability to frank dividends will be significantly impacted in the short to medium term. The sale concludes a review and divestment process commenced in August 2018, with the new owners committing to grow the Goulburn Valley-based business and offering employment to all permanent staff.
Group Managing Director of Coca-Cola Amatil Alison Watkins said Shepparton Partners Collective had the right combination of commercial experience, funding support and confidence in the future of SPC.
“This outcome is good news for SPC and good news for the Goulburn Valley,” Alison Watkins, Group Managing Director of Coca-Cola Amatil said.
She said there was strong domestic and international interest during the divestment process, reflecting SPC’s iconic status and the transformation of its manufacturing capacity following a $100 million co-investment between Amatil and the Victorian Government.
“Shepparton Partners Collective recognises the value of SPC’s brands, the opportunities for innovation and category growth in Australia, and its export potential,” she said.