Coca-Cola Amatil to Sell SPC Unit for A$40 Million
04 Juin 2019 - 1:34AM
Dow Jones News
By Mike Cherney
SYDNEY--Australian bottler Coca-Cola Amatil (CCL.AU) said
Tuesday it will sell its SPC fruit and vegetable processing
business for 40 million Australian dollars (US$27.9 million),
capping a review process for the unit that began last August.
The unit is being purchased by Shepparton Partners Collective, a
joint venture between investment firms Perma Funds Management and
the Eights. The deal is expected to be complete before the end of
June and Amatil said it will record a profit on the sale of between
A$10 million and A$15 million.
The deal also includes a four-year deferred payment, subject to
business performance, which could lead to an additional A$15
million in sale proceeds, Amatil said.
Amatil, which has been struggling with weaker consumer demand
for its staple carbonated sugary beverages, had in recent years
invested A$78 million in the SPC unit. The government of
Australia's southern state of Victoria also invested another A$22
million.
Overall, Amatil said it poured about A$250 million into SPC
since acquiring it in 2005.
Amatil said the sale doesn't include the Perfect Fruit and LUMI
brands.
Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
June 03, 2019 19:19 ET (23:19 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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