Coca-Cola Amatil to Sell SPC Unit for A$40 Million

Date : 06/04/2019 @ 12:34AM
Source : Dow Jones News
Stock : Coca Cola Company (KO)
Quote : 54.52  3.3 (6.44%) @ 8:07PM

Coca-Cola Amatil to Sell SPC Unit for A$40 Million

Coca Cola Amatil (ASX:CCL)
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   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


(END) Dow Jones Newswires

June 03, 2019 19:19 ET (23:19 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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