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Coca-Cola Amatil Limited (ASX:CCL) says it’s disappointed the Federal Government has refused its request for a $25 million one-off grant to SPC Ardmona.
The parent company says in light of the Government’s decision, it will launch a review of SPCA’s value, as well as a write down of its assets including brand and goodwill.
CCA Managing Director Terry Davis says the Government’s decision is disappointing given SPCA had presented to both State and Federal Governments a business case for a one-off co-investment of $25 million each with CCA committing more than $90 million.
Mr Davis says the money was to be invested in technology for new product development and efficiency gains to transform the production facility at Goulburn Valley.
The results of the review will be announced on February 18 at CCA’s results presentation.
Coca-Cola Amatil generated a net profit of $216 million in fiscal 2013.
(20min delay)