‘Nestle of Australia’: SPC goes for gold with three-way merger

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The 107-year-old Australian fruit processing company is realising its global ambitions through a backdoor listing and joining forces with a juice and a powdered milk company.

Well-known canned fruit and vegetable producer SPC is a step closer to building a global empire following a three-way merger with ASX-listed Original Juice Company and powdered milk business Nature One Dairy set to create a $400 million company.

SPC chairman Hussein Rifai and managing director Robert Iervasi will become the new entity’s chairman and global managing director respectively, meaning OJC chairman and former Victorian premier Jeff Kennett will retire. “The next step is to then be looking to our target markets, which is Asia Pacific, and then onto the Middle East, and other parts of the world, Europe and potentially somewhere else.”

SPC, which recently took part in a campaign along with Sanitarium, Norco and Mayvers to push for country of ownership labelling on Australian food products, had to pull back its production of canned fruit by 40 per cent earlier this year due to lower demand for Australian-grown pears and peaches as consumers increasingly opt for cheaper foreign-made items amid cost of living pressures.Loading

 

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Global company SPC will merge with Australian brand Original Juice Company and Nature One Dairy7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
แหล่ง: 7NewsSydney - 🏆 16. / 63 อ่านเพิ่มเติม »

SPC, Original Juice Company merger to shore up iconic Victorian food brands' futureIconic Australian fruit canning company SPC has agreed to merge with the Original Juice Company in a move to shore up their future in a difficult time for manufacturers.
แหล่ง: abcnews - 🏆 5. / 83 อ่านเพิ่มเติม »