South Australia’s Beston Global Food Company (ASX: BFC) has been placed into voluntary administration in the latest blow to the Australian dairy sector, with the company blaming “exceptionally high operating costs” mostly from “onerous energy prices” as one of the reasons to call in the corporate doctors.
The appointment comes a little over two weeks after Canada’s Saputo Inc announced it is closing King Island Dairy, ending http://www.businessnewsaustralia.com/123 years of history for that famous brand.
Beston, which produces a range of dairy products under various brands such as Edwards Crossing and Mable’s, announced to the ASX today the appointment of KPMG Australia’s Tim Mableson, James Dampney, Gayle Dickerson and David Kidman as voluntary administrators.
The voluntary administration involves two companies, Beston Global Food Company and Beston Pure Dairies, impacting the group’s two production facilities in regional South Australia which process butter, milk and mozzarella. Beston also extracts the lactoferrin protein, which is used in infant formula, from one of its facilities.
The administrators have assumed operational control of the company’s operations, with plans to continue trading while an…
