Food processor SPC is asking the Goulburn Valley community for a cash injection of up to $20 million to improve equipment, develop new products and help the company compete internationally.The company says its main objective is to get locals "back into the ownership of the business"The Shepparton-based company launched a new capital raising venture today available exclusively for people from the Goulburn Valley.
"Really, the main objective of it is to get the original owners back into the ownership of the business," he said. "And we want to be able to compete with the rest of the global food businesses out of Australia, out of Shepparton." He said if money was the main motivator behind the decision, there would have been other, more profitable ways to go about acquiring it, adding that current ownership was "committed" to keeping SPC operating.
Mr Birrell said SPC's local investment strategy was a move to get Goulburn Valley locals to reconnect.