Final-minute purchaser saves century-old cheese maker | Australian Markets
A century-old specialty cheese maker primarily based on a Bass Strait island has been given a lifeline by an eleventh-hour purchaser.
King Island Dairy was slated to close in mid-2025 after proprietor Saputo stated in September it had been unable to search out somebody to buy the business.
Saputo introduced on Friday it had entered into a binding settlement with a new proprietor.
It’s understood the client shall be a new entity named King Island Dairy 2, headed by two skilled Australian businessmen.
Gerard Lourey, Saputo Australia’s director of operations, stated the client would purchase the dairy facility, the model, the on-site cheese store and two farms to supply a assured milk provide.
“We deeply appreciate the ongoing support of our dedicated King Island employees, suppliers, customers, the local council and the Tasmanian government,” Mr Lourey stated.
King Island Dairy operations started within the early 1900s. It’s one of the largest employers on the tiny outpost, which is home to about 1600 people.
Mr Lourey stated the client, which is anticipated to make an announcement in coming days, was dedicated to preserving operations and jobs on the island.
Employees will obtain an offer to switch their employment to the new proprietor, with the sale transaction anticipated to be accomplished by mid-2025.
Saputo, which purchased King Island Dairy in 2019, beforehand stated 58 staff could be impacted by the closure of the business.
Tasmania’s Premier Jeremy Rockliff had beforehand pledged to help discover a purchaser for the business.
“Not only will King Island Dairy remain open and employing locals … for years to come – the dairy and brand will be coming back into Australian hands,” he wrote on social media.
“A big win-win for all of us.”
King Island has a distinctive climate primarily based on its location and gives lush grazing for cows and unusually candy milk.
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