Iconic Australian brand Vegemite is back in local hands following Bega Cheese’s acquisition of most of Mondelēz International’s Australian and New Zealand grocery products.
Bega Cheese said in a statement the deal will cost $460 million. Apart from Vegemite, it includes ZoOsh, Bonox as well as Kraft-branded products under licence, including peanut butter, nut spreads, processed cheese slices, cheese spread, mayonnaise, parmesan cheese and Kraft Mac & Cheese. However, the Philadelphia cream cheese brand is not included in the deal
As The Australian reports, in addition the purchase includes the Port Melbourne manufacturing site.
“The wonderful heritage and values that Vegemite represents and its importance to Australian culture makes its combination with Bega Cheese truly exciting,” said Bega Cheese’s Executive Chairman, Barry Irvin.
That aside, he said “this acquisition will be value accretive in its own right, strategically important and company making. These iconic brands alongside the Bega brand are strong building blocks to enable Bega Cheese to become a great consumer goods business.”
“In addition to Vegemite and the other brands being undeniably iconic, the people we are taking on are very impressive and will play an important role in growing the merged business.” He said “we look forward to welcoming the new employees to Bega Cheese and are excited about the opportunities which will be created by bringing them and the MDLZ Grocery Business together with Bega Cheese.”