CCA will invest $78m into SPC Ardmona and welcomed the decision by the Victorian government to invest $22m over three years.
The Victorian government’s participation is conditional upon the entering into of formal legal documentation which will set out the investment milestones upon which the financial assistance will be provided, and include the condition of employment being maintained at a minimum level of 500 full time equivalent employees for three years, and the $78m contribution by CCA to the overall project cost.
A further requirement will be the refund of all payments made under this agreement should SPCA cease business operations at Shepparton within five years of the agreement with the Victorian government.
The total combined $100m package will be invested over a three-year period into efficiency measures and innovation at SPC Ardmona, the last remaining major fruit and vegetable processor in Australia.
CCA’s MD Terry Davis said he has confidence in the future of SPC Ardmona: “We are very comfortable with the conditions applied to the $22m grant by the Victorian government,” he said. “If we did not believe in the future of the company, CCA would not have made the significant investment of $78m.”
Source: Coca-Cola Amatil
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