AUS: Asset write-down at packaged fruit firm SPC Ardmona
Coca-Cola Amatil, the owner of Australian packaged fruit firm SPC Ardmona, has announced a "significant" write-down of assets and goodwill at the business.
The Coke bottler today (19 February) reported a fall in annual profits due to A$98m (US$101.4m) in charges from inventory write-downs and restructuring costs at SPC Ardmona.
Profits from the unit fell in the 12 months to the end of December. Coca-Cola Amatil did not provide a figure. However, it said industry and macro factors were hitting the business.
"The strong Australian dollar continued to impact SPC Ardmona's competitiveness against cheap, lower-quality imported brands and retailer private-label categories in Australia, while a 20% deflation in fresh fruit prices also resulted in a shift from packaged to fresh fruit," Coca-Cola Amatil said.
The company said it was "consolidating" its fresh fruit manufacturing into its site in Shepparton and "restructuring" its international business. It did not provide further details.
- Premier Foods CEO expects UK supermarket rebound
- Briefing: The risks and rewards of e-tail in China
- Unilever must "speed" response to consumer trends
- Why Post is increasing its exposure to cereal
- Why US diet guidelines should consider environment
- Post Holdings strikes deal to acquire MOM Brands
- Food industry news of week: Unilever, PepsiCo
- Chobani launches Tots infant range
- Premier Foods hails "improving" sales trends
- Crisp maker Sibell acquires Spain's Celigueta
- 10 Key Trends in Food, Health and Nutrition 2015
- The Sugar Backlash and its Effects on Global Consumer Markets
- The Future of Retailing in the UK to 2017
- Global Consumer Trend Framework: Understanding Attitudes and Behaviors that Influence Global Consumption Habits
- Unilever - Strategy and SWOT Report