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 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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