Page 6 - Food&Drink magazine November-December 2022

NEWS
Maggie Beer Holdings CEO resigns
CEO and managing director of Maggie Beer Holdings, Chantale Millard, said she would be stepping down at the end of the calendar year.
Millard has been with the company for eight years, joining initially as the CEO of Maggie Beer Products, before being appointed CEO of the Holdings company in 2019.
Millard said with much of the company’s transformation completed, it was an opportune time to resign, with the business now positioned as a premium omnichannel operation, on track to meet a group revenue guidance of $100 million for FY22.
Chair Reg Weine said Millard had led the company through a restructure, transformation, and growth, including a capital raise, the acquisition and integration of Hampers & Gifts Australia in 2021, and the divestment of its dairy assets.
She will work with the company in a project-based capacity in 2023, to see the completion of certain strategic initiatives that are still underway and to assist in a smooth transition for the new CEO. ✷
CEO and managing director of Maggie Beer Holdings Chantale Millard
Frucor Suntory’s Ipswich build
Vitasoy International surprise for Bega
BEGA Cheese says the offer from joint venture (JV) partner Vita International to buy its share of Vitasoy Australia for $27.5 million was “substantially less” than what it was worth, and it would dispute the claim.
Bega was taken by surprise in October, went it learnt of Vita International’s intention to buy out its share through a statement on the Hong Kong Stock Exchange.
Bega’s subsidiary National Food Holdings Limited (NFHL) owns 49 per cent of
Vitasoy Australia, with the remaining 51 per cent owned by Hong Kong company Vita International, a subsidiary of Vitasoy International.
Bega inherited the JV when it acquired Lion’s Dairy & Drinks business in 2020.
The provisions gave Vita International an option to acquire all shares held by NHFL at a price either agreed between the parties or at a fair value determined by an independent expert.
The call option could be exercised during a 90-day
Vitasoy’s Wodonga plant produces around 60 million
litres of plant-based milk each year.
period from the end of October 2022.
The purchase price would either be a fair value agreed by the parties or determined by an independent expert. Bega said it disputed the amount offered by Vita International.
IRI Total Business Scan reports the Australian plant-based milk category is worth $380 million with annual growth of around 11.7 per cent.
Bega holds a 26 per cent share of the Australian market with Vitasoy. ✷
WITH the state development application approved, Frucor Suntory is on track to open its $400 million multi-beverage manufacturing facility in mid-2024.
Frucor Suntory CEO Darren Fullerton said it was exciting to see construction starting, after announcing plans for the build in March.
“It’s a pleasure to stand here today and discuss our vision for the new facility and the critical role it will play in strengthening our Oceania supply chain as we cater for increasing consumer and retailer demand,” Fullerton said.
The factory will have the capability to produce up to 20 million cases of beverages annually, with scope to scale further down the track.
It’s expected to generate 160 jobs once it is operational.
Ipswich mayor Teresa Harding said, “Ipswich is enjoying a boom period in terms of housing, manufacturing, industry growth, and a soaring population.
“Our proximity to major arterials and rail networks, continued housing affordability and skilled workforce has established us as an attractive investment opportunity for national and international companies.” ✷
6 | Food&Drink business | November-December 2022 | www.foodanddrinkbusiness.com.au
L-R: Frucor Suntory Darren Fullerton, Queensland Treasurer Cameron Dick, and Teresa Harding, Ipswich Mayor.