Australian ASX-listed company Warrnambool Cheese and Butter (WBC) today announced the signing of a five year deal to supply dairy products to Coles Supermarkets under a new consumer brand. The new brand, called ‘Great Ocean Road’, will be sold exclusively through Coles stores across Australian and includes a range of cheddar cheeses and fresh milk products. In a statement released today, WCB said it will work with Coles to formalise the agreement into a contract. Under the supply contract,... ...Read more »

One million litres of milk will be going to people in need under an historic new partnership between Foodbank Australia and the Australian dairy industry, which is being supported by the Australian Government. The Australian Government has pledged A$4 million over the next four years to Foodbank Australia in this year’s budget to ensure the organisation builds new partnerships with food growers, producers and manufacturers. The Collaborative Supply Program for Milk is the first time an entire industry... ...Read more »

Warrnambool Cheese and Butter Factory Company Holdings has posted a 300% leap in first half net profits and insisted that its prospects for the remainder of this year are significantly better than they were for 2010.In a regulatory filing yesterday, WCB revealed that first half net profits rose to $36.4 million, up 307.8% from $8.9 million for the first half of last year. The company said that EBITDA gained 191% year-on-year, rising to $61.1 million. The Australian dairy group said that its numbers... ...Read more »

Murray Goulburn has announced that it will purchase enough of the newly diluted Warnambool Cheese and Butter shares to bring it back to its original percentage stake in the company, following WCB’s equity raising. “Murray Goulburn’s investment in WCB was made with a longer-term perspective and we remain committed to an investment which allows us to be part of a process that has yet to conclude,” said Murray Goulburn Managing Director, Mr Stephen O’Rourke. “The WCB capital raising... ...Read more »

Warrnambool Cheese and Butter has reported a recovery from last year’s losses of nearly $20 million, with the company now back in the black to the tune of $8.8 million. The company reported steady milk intake and a record production level, with a 7.4% increase in sales volumes, but revenues down 5.6%. EBIT were up from a $24.6 million loss last year to a $16.9 million profit in 2010 – a gain of $41.4 million. “The Company was able to record a solid profit outcome of $8.8 million,... ...Read more »

Dairy giant Murray Goulburn has abandoned its attempt to acquire Warrnambool Cheese and Butter, after several months of rejected offers. A letter to suppliers yesterday said that Murray Goulburn “does not intend to progress with the proposed merger at this time and has withdrawn its application for clearance to the ACCC”. A statement from the WCB board welcomed the decision by Murray Goulburn. “We have long maintained a takeover of WCB by MG was not in the best interests of WCB,... ...Read more »

The battle over Australian dairy firm Warrnambool Cheese and Butter Factory has been turned up a notch with the company writing to investors to warn them of the “myth and little substance” of claims from suitor Murray Goulburn. Since January, Murray Goulburn has had two takeover approaches rejected by the WCB board, which has argued that the group wants to acquire WCB at a knockdown price. Murray Goulburn has since built up its stake in WCB to just under 10% while highlighting the benefits... ...Read more »

Australian dairy co-operative Murray Goulburn has continued to increase its stake in local peer Warrnambool Cheese and Butter Factory (WCB).Murray Goulburn, which has had two takeover approaches rejected by the WCB board, has grown its stake in the group from 8.37% to 9.9% of shares, according to a filing with the Australian stock exchange this week. The company purchased the WCB shares on market and paid around A$4.50 (US$4.12) a share. The price was 15 cents higher than the value of Murray Goulburn’s... ...Read more »

Australian dairy co-op Murray Goulburn is weighing up the company’s next step in the takeover battle for rival firm Warrnambool Cheese and Butter Factory (WCB) but repeated its interest in the business. Reports in Australia have claimed that Murray Goulburn plans to make another offer for WCB in the coming weeks after seeing its initial bid dismissed. A spokesperson for Murray Goulburn emphasised that the business remains “very interested” in WCB and wants to hold talks with the... ...Read more »

Australian dairy co-op Murray Goulburn is to close one of its cheese sites in the state of Victoria. The company told just-food yesterday (3 February) that its facility in Leitchville faced closure after eight years of drought in the region. Some 80 employees will be affected. “It just wasn’t viable to continue to have four sites in the region, so it will be rationalised down to three,” a Murray Goulburn spokesperson said. Murray Goulburn is one of two bidders for Australian cheese... ...Read more »