Coca-Cola Amatil will have $100 million to spend in its SPC Ardmona fruit processing subsidiary after securing Victorian government support, but the soft drink bottler says the new investment will have a cost.
Victoria's government has committed $22 million to SPC Ardmona, triggering a $78 million spend by CCA to to improve equipment, innovation and efficiency at its Shepparton plant.
CCA chief executive Terry Davis said on Thursday that the company was comfortable with the forecast returns from a reinvigorated SPC Ardmona but that in order to "right size" the business, writedowns would be made in the 2013 accounts, due to be released on Tuesday, February 18.
CHIEF EXECS HIT THE KITCHEN
SYDNEY - Qantas chief executive Alan Joyce will take time off from trying to secure his airline's future to cook for homeless and disadvantaged people on Monday night.
Mr Joyce is among the 200 bosses who will take part in the CEO CookOff at Sydney's Carriageworks arts centre.
The chief executives will be guided in the kitchen by 40 celebrity chefs including Maggie Beer and Neil Perry.
The CEO CookOff, organised by Qantas and food rescue organisation OzHarvest, raises money through sponsorships of the participating business leaders and had raised more than $826,000 as of Friday.
TOMATO DUMPERS CRUSHED
SYDNEY - Italian tomato exporters have been slammed by a federal government report which found cut-price imports have damaged Australia's tomato growing industry.
The Anti-Dumping Commission has recommended dumping penalties of up to 26 per cent on more than 90 Italian exporters to Australia after investigating claims by SPC Ardmona - Australia's main tomato cannery - that imports were damaging its business.
Only two Italian exporters were cleared by the commission.
Major importers spoken to by the commission included Woolworths, Coles and Metcash.
Aldi and one other importer, Leo's Imports, did not cooperate with the investigation, the commission said.
SPC Ardmona boss Peter Kelly welcomed the finding, saying dumped tomato products had caused a loss of 40 per cent in sales volumes since 2010.
He urged shoppers to "think carefully when they choose to buy tomato products in retailers".