Logistics hub selling for boosted cheesy bid
Murray Goulburn is looking to trade trucks for cheese, bringing in experts to look at selling its logistics facility for more funds to bid on Warrnambool Cheese & Butter.
Australia’s largest dairy processor has lifted its takeover bid for the big cheese-maker, as it fights a three-way takeover battle with Bega Cheese and Canadian group Saputo.
It has now summoned the services of PricewaterhouseCoopers (PwC) to help it sell the Integrated Logistics Centre at Laverton.
Originally built in 2003 at a cost of $56 million, the Integrated Logistics Centre spans about 80,000sq metres of covered working area, including chilled storage capacity for thousands of pallets of butter, spreads, cheese and cream products.
Authorities say the sale will not affect suppliers or staff at the Laverton centre.
“Like any good company we are continually reviewing our business operations to improve efficiencies and maximise the utilisation of our assets for the benefit of our shareholders,” a Murray-Goulburn spokesperson said.
“The Laverton logistics centre is a strategic asset that Murray Goulburn will continue to operate and manage, but from a portfolio perspective the asset may be more appropriately owned by a third party,” the spokesperson said.
“If a sale and leaseback of the asset was to occur in the future, it would have no impact on the day-to-day operations of Murray Goulburn’s supply chain or its employees.”