Bega Cheese will be selling its share in Vitasoy.
Photo by
Geoff Adams
Vistasoy international has taken up the option of buying out a large share of Vitasoy Australia held by Bega Cheese.
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Bega’s subsidiary, National Foods, will sell the shareholding for $51 million.
Bega has said it will now look for other opportunities in the plant-based beverages and products market.
Bega, which last year recorded a turnover of $3 billion and EBIT of $46 million, had net debt of $265 million.
Bega announced last week Vitasoy International had exercised a call option to purchase the 49 per cent shareholding in Vitasoy Australia in accordance with an agreement between Vitasoy International, Vitasoy Australia and Bega.
Bega has agreed to provide distribution services in the transition, until March 31.
In the last annual report the company noted it had increased production of plant-based proteins, and that plant-based foods represented a fast growing category that achieved 11.7 per cent growth in the 2022 financial year.
Vitasoy produces soybean-based yoghurt and soybean juice, almond juice, rice juice, coconut juice and oat juice.
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