News: MGC MG Unit Trust announces decisions of asset and footprint review

May 2 (Reuters) - Mg Unit Trust (MGC)

• Murray goulburn co-operative co says closure of mg's manufacturing facilities at edith creek, rochester and kiewa
• Murray Goulburn Co-Operative announces decisions of its asset and footprint review which has been undertaken in recent months
• Closures are expected to impact approximately 360 employees
• MG expects closures to deliver an annualised net financial benefit of $40 million to $50 million
• MG expects to spend $60 million of capital expenditure to enable closures
• MG anticipates a net financial benefit in FY18 from closures of approximately $15 million
• MG will write-down assets of $99 million (post tax $69 million) and expects to incur cash restructuring costs of approximately $37 million
• "MG announced today that it will forgive milk supply support package"
• MG says all future repayments of milk supply support package which were to recommence from July 2017 will cease
• MG remains committed to paying a FY17 available average FMP of $4.95 per kilogram milk solids
• MG will record a write-down of $148 million in relation to forgiveness of milk supply support package