Coca-Cola Amatil (ASX:CCL) has announced completion of the sale of the SPC fruit and vegetable processing business (SPC) to Shepparton Partners Collective for consideration of $40 million.
Amatil is expected to record a profit on sale of approximately $14 million. The sale agreement also includes a 4-year earnout structure which, subject to business performance, could result in up to an additional $15 million of sale proceeds at that time.
The company says said with the completion of the sale of SPC it will continue to focus on being a beverages powerhouse.
Since acquiring the SPC business in 2005, Amatil has invested around $250 million including in technology, operational and energy efficiencies, and new equipment.
Shares in Coca-Cola (ASX:CCL) are trading 0.2 per cent higher at $10.24.