One of the nation’s largest dairy processors is pulling the plug on Australia,but it’s just the latest domino to fall in a sector that has been dwindling for decades.
Workers have been striking at Bega’s Penrith site since Sunday,with the United Workers Union warning will result in “angry tradies”.
Dairy and cheese lovers be warned:some of your shopping basket staples will get more expensive,according to Bega’s executive chairman Barry Irvin.
The home of Vegemite will stay in Australia after its owner,ASX-listed Bega Cheese,inked a $114.6 million sale of the 100-year-old Melbourne factory to Charter Hall.
Dairy prices jumped almost 15 per cent last year,but top brass at the $1 billion cheese maker reckon such dizzying increases are a thing of the past.
Bega Group makes some of Australia’s most beloved brands – but can it convince investors it’s a good buy,too?
The Australian cheesemaker has been forced to sell its 49 per cent stake in Vitasoy Australia to joint owner Hong Kong-listed Vita International in a $51 million deal.
Hong Kong-headquartered Vita International has a legal right to acquire Bega’s 49 per cent stake in the plant-based beverages maker,but the Australian dairy company wants a “substantially” better price.
Bega chief operating officer Pete Findlay will take over at the top at the diversified food and drinks maker as chief executive Paul van Heerwaarden steps down.
Dairy giant Bega Cheese is scrambling to move millions of litres of milk to different facilities as flooding cuts off roads and power supply.
The United Workers Union says the company has offered a 2.75 per cent annual pay rise,well below inflation.