SPC factory sold to Australian buyers and leased back in move to grow business

Food processor SPC says the sale of its Shepparton factory will not negatively impression on the group, and will solely create extra progress. 

SPC chairman Hussein Rifai confirmed the factory, on Andrew Fairley Avenue in Shepparton, is in the method of being sold and leased back to the corporate.

Mr Rifai wouldn’t affirm the client, however emphasised it was an Australian-owned business.

He expects to make a proper announcement in the approaching weeks.

It is all a part of a move to elevate funds to develop new merchandise and improve efforts to break into worldwide markets.

A man standing behind a poster for food processing company SPC.
SPC chairman Hussein Rifai says the sale went via on Thursday.(Supplied: Taryn Silver)

Asked if the sale ought to be a priority for the Shepparton group, Mr Rifai mentioned “completely not”.

“We’re not going wherever,” he mentioned.

“It’s not prefer it’s just a little condominium the place we’re going to decide up our gear and go discover a home down the highway.

“Actually, they need to really feel very assured and very comfy that each one the recapitalisation program goes into investing in Shepparton.”

Woman in hairnet and orange safety uniform checks plastic jars of apricots on a production line before they are labelled
While the SPC factory has been sold, the business itself is just not on the market.(ABC Rural: Rachel Carbonell)

Plans for brand new merchandise and world attain

The sale comes two years after SPC was bought from Coca-Cola Amatil by funding group Shepparton Partners Collective.

Mr Rifai mentioned the recapitalisation of the business was a “pure development”.

“The first two years, the capital that we introduced in was actually to purchase the business,” he mentioned.

“[The next step] is the growth each in nationwide and worldwide – we have not been shy in saying we wish to take this business world.”

SPC will even be growing new merchandise.

Cans of tomatoes on a shelf.
Money from the sale will likely be channelled back into the business.(ABC News)

He mentioned the principle objective was to hold the business Australian-owned.

“It’s taken us a bit longer than we anticipated as a result of one in all our key standards is to hold it in Australia, for Australians,” he mentioned.

“It would have been a lot simpler for us, had we determined to go and get capital from Asia or the Middle East.

“This is nothing however good news for the business, for Shepparton and for the Australian meals trade.”

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