Latest news with #BegaCheese
Sky News AU
19-05-2025
- Business
- Sky News AU
ASX 200 falls after major ratings agency Moody's downgrades the US from Aaa to Aa1 over government debt, interest costs
The ASX 200 has fallen on Monday after a leading credit ratings agency downgraded the United States over concerns about government debt. The index's drop follows eight days of rises as it approaches its February high where it topped 8,500 points. It was down about 0.4 per cent in the first 20 minutes of trading with Bega Cheese slumping 2.3 per cent, Boss Energy falling 2.2 per cent and BHP down 1.1 per cent. Despite the slump, Life360 was up 3.2 per cent, aluminium producer Alcoa Corporation rose 3.2 per cent and Bellevue Gold has jumped 2.9 per cent. The ASX 200's slide follows Moody's downgrading the US from its AAA credit rating to AA1, as high government debt and interest costs weigh down the economic superpower. 'While we recognise the US' significant economic and financial strengths, we believe these no longer fully counterbalance the decline in fiscal metrics,' Moody's said in a statement. The move, made after trading had closed in the US on Friday, had no impact on the major indexes with the Nasdaq Composite rising 0.5 per cent, the S&P 500 up 0.7 per cent and the Dow Jones jumping 0.8 per cent. However, US futures for the three indexes are each pointing down about half a per cent. In Europe, London's FTSE 250 Index rose 0.6 per cent while Germany's DAX and the EURO STOXX 50 Index both jumped 0.3 per cent on Friday. New Zealand's NZX 50 Index is down 0.8 per cent since trading opened on Monday.
NZ Herald
15-05-2025
- Business
- NZ Herald
Will Bega dispute stifle Fonterra's Mainland sale plans?
Will Fonterra's legal wrangle with Australia's Bega Cheese jeopardise the sale of Mainland? Fonterra and Bega are locked in a legal dispute over trademark licensing, raising speculation that it could upset Fonterra's plans to sell its consumer business. Last November, Fonterra's Australian arm sought a ruling that Fonterra's divestment proposal
ABC News
07-05-2025
- Business
- ABC News
Strathmerton Bega Cheese factory closure 'blindsides' residents
Maree Hodgson has worked at Strathmerton's cheese factory for more than 30 years. She has been left in disbelief at "I think we're all shattered, confused and upset at this point," she said. Bega Cheese says it will offer redeployment where possible to staff. ( ABC South East NSW: Chris Sheedy ) Ms Hodgson said while she might look to retire, she felt for the factory's 300 other workers with young families and other commitments. "There is a young lady who is very heavily pregnant and her husband who both work here and they've just purchased a house," she said. "How are they going to manage? "We're all living through the crisis of not being able to afford stuff and this is just going to add to that." Ms Hodgson's colleague Tony Rowan was due to clock up 23 years at the site later this year. "It's very surreal at the minute. There were a few tears yesterday from some people," he said. Mr Rowan was looking at retiring in the next four to five years but now may be forced to make that decision earlier. Fears for town's economy Van Bui and her husband took over the Strathmerton bakery six months ago and said workers from the factory were regular customers who had become like a second family. Van Bui says Bega's factory closure is sad news for Strathmerton. ( ABC Shepparton: Charmaine Manuel ) She said she was worried many would be forced to leave the area to find new jobs. "If they're not coming in here anymore then maybe I'll lose my business and then maybe we'll need to close as well," she said. Dennis Caughey, 86, has lived in Strathmerton since he was 14 and said it was devastating news for the town. Dennis Caughey says he hopes another company moves into the factory. ( ABC Shepparton: Charmaine Manuel ) "The factory made Strathmerton, because I think nearly every person here was working there at one stage of their life," he said. Mr Caughey said the factory had been instrumental in the town, including helping establish the preschool and contributing to football clubs. He said he was hopeful the factory might be sold and another company would move in. Union calls for decision to be reversed United Workers Union national dairy coordinator Neil Smith said factory workers were "absolutely blindsided". Neil Smith says workers are shocked. ( ABC Shepparton: Charmaine Manuel ) "I got a call yesterday [Tuesday] afternoon to attend the site at a meeting at 5pm and there were 200 odd people in the room with their jaws on the floor," he said. "We're shocked. There are only 1,100 people living in Strathmerton and 340 of those work at the factory." Mr Smith said he would like to see the decision reversed but he was not hopeful. "It is going to gut every shop within 100 kilometres of the site … the ongoing effect is enormous," he said. Focusing on the future Bega Group executive chairman Barry Irvin said the company was committed to the Australian dairy and food industry and ensuring it could remain competitive into the future. Barry Irvin says companies need to make tough decisions to survive. ( ABC News: Adrienne Francis ) "Our objective is to grow but sometimes you have to make some more difficult decisions," he said. Bega Group said it would save $30 million per year with the closure of its Strathmerton site. It said it would spend $50 million on upgrading its Ridge Street plant in Bega where there will be 100 new jobs. "We'll obviously offer redeployment where appropriate. We want to be practical about this," he said. Additional reporting by Warwick Long and Joshua Becker.
Perth Now
07-05-2025
- Business
- Perth Now
Regional town reeling after big brand's factory closure
The closure of a major manufacturing site has left a regional community reeling, with hundreds of jobs at risk. Bega Cheese says it will begin a phased shutdown of its Strathmerton facility, in northern Victoria, with operations expected to cease by mid-2026. The cheese processing and packing site employs about 300 staff. Bill and Cathy Ford, who have operated farm equipment supplier BWR Machinery for 17 years, are located not far from the factory. The couple, who know many of the workers, said the closure would devastate the town. "The loss of employment (will be) severe," Mr Ford told AAP. The regional town has a population of 1072 and is about 250km from Melbourne, near the Victorian-NSW border town of Cobram. Strathy Hot Bread Bakery manager Van Bui said she was worried about workers' future, saying it would be sad to see people move away from the already quiet town. The Bega Group says it is working with staff impacted by the closure. It plans to consolidate operations into its existing facility in Bega, in southern NSW, where it expects to create about 100 jobs. Bega chief executive officer Pete Findlay said re-deployment would be offered to employees where possible. "We are very aware of the impact of this decision, and we are doing our best to manage this transition with care and respect for our Strathmerton employees and the local community," Mr Findlay said. The closure is expected to deliver the company $30 million in annual savings, according to a statement to the Australian Securities Exchange. Moira Shire Council chair administrator Graeme Emonson said the local government would work to manage the impacts on the community. "Our hearts go out to the workers and their families who are facing this incredibly challenging time," Mr Emonson said. "We will also be calling on both the state and federal governments for immediate and long-term support during this transition period." A Victorian government spokeswoman said support would be offered to employees. "We appreciate this is a difficult time for Bega workers and their families," she said. AAP has been told the company did not request any financial support or assistance from the Victorian government. Wendy Lovell, an upper house Liberal MP for the region, said the economic ripples of the site's closure would be deeply felt. "It is sadly unsurprising that a company with sites in other states would choose to relocate to NSW, where business conditions are more competitive and government policy encourages ... investment and job creation," she said. Bega will keep open its five remaining manufacturing facilities in Tatura, Morwell, Chelsea, Koroit and Port Melbourne. The company employs more than 1700 people in Victoria.
Sky News AU
07-05-2025
- Business
- Sky News AU
'Devastating': Hundreds of jobs impacted by Bega Cheese's announcement it will shut its Strathmerton, Victoria plant
Australian diary giant Bega Cheese has confirmed it will shut one of its plants in regional Victoria, with hundreds of jobs to be impacted by the shock announcement. The Bega Cheese site in Strathmerton, near the New South Wales border, will undergo a phased closure with expectations it will fully wind up operations in mid-2026. The cheese processing and packaging operations in the rural town will instead be consolidated at the company's expansive Ridge Street, Bega facility in south-east NSW. Bega Cheese said 300 staff will be impacted by the announcement, with re-deployment opportunities to be assessed where possible. The Liberal Member for Northern Victoria Region, Wendy Lovell, described the closure as a "devastating decision", which will have a ripple effect across the region. Strathmerton, which is located about 15km west of Cobram and 55km north of Shepparton, had a population of 1,072 at the 2021 Census. "It is always disappointing when companies are forced to move operations away from regional Victoria, and my first thoughts are with the workers and their families affected by this devastating decision," Ms Lovell said. "My immediate priority is ensuring Bega redeploys as many staff as possible to the Tatura site and works with other local manufacturers to place affected workers into new jobs. "The state and federal governments must also step up and provide support and retraining assistance for workers needing to transition to other industries. "Local businesses supplying goods and services to the Strathmerton plant will also face heavy impacts, with economic ripples felt across the entire region." Bega Group Chief Executive Officer, Pete Findlay, said the company was "very aware of the impact of this decision". "We are doing our best to manage this transition with care and respect for our Strathmerton employees and the local community," Mr Findlay said. "Where possible, we will offer re-deployment to employees and continue to support them through this period." Mr Findlay said that "as the business maintains its focus on delivering productivity improvement and growth, we continue to look at opportunities to simplify our operational footprint and invest for the future ensuring we maintain globally competitive infrastructure". Five other company-operated Victorian manufacturing sites, in Port Melbourne, Tatura, Morwell, Chelsea and Koroit, will remain. Together, they employ more than 1,700 people. About 100 jobs in the Bega Valley are expected to be created by the decision to consolidate Strathmerton operations in the NSW town the company is named after. Ms Lovell said it was "sadly unsurprising that a company with sites in other states would choose to relocate to NSW, where business conditions are more competitive and government policy encourages – rather than punishes – investment and job creation". "Recent analysis of Australian Bureau of Statistics data shows 129,000 Victorian businesses closed in 2024 – over 350 a day – while more than 3,000 moved interstate. "This mass exodus reflects the rising cost of doing business in Victoria, fuelled by the Allan Labor government's regime of punitive taxes and suffocating regulations."
