Not all peaches for cannery as sale looms
Coca-Cola Amatil is backing an investment in fruit processor SPC despite launching a strategic review into the struggling cannery.
The Victorian government invested $22 million into upgrading and maintaining the life of SPC in Victoria, while Coca-Cola Amatil (CCA) fronted $78 million.
Despite the injection made four years ago, SPC is under “strategic review” and is being flagged for sale.
CCA chief executive Alison Watkins tells Ross Greenwood they made a “good investment”.
“If you go back and remember how it was at the time, there was a real prospect that without that joint investment, SPC – certainly the manufacturing site at Shepparton – could have disappeared.
“That $100 million that we jointly committed has transformed our manufacturing site up at Shepparton.”
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She says they are considering options to sell SPC because of “appealing ideas” being presented.
“We had a lot of interest in SPC.
“A lot of people floating some pretty appealing ideas around how we could accelerate the growth and I think it’s really important we do explore those in a systematic way.”