Rejoice! The local Aussie businesses returning home
After more than a decade of foreign ownership, many iconic Australian brands are returning home.
This is due to Bega Cheese Limited completing its acquisition of Lion Dairy and Drinks which has iconic brands such as Dairy Farmers, Farmers Union, Yoplait, Big M and Daily Juice.
"We are delighted to bring many Australian iconic brands to the Bega Cheese family," Executive Chairman Barry Irvin told A Current Affair.
After more than a decade of foreign ownership, a group of iconic local products are being returned to Australian shores. #9ACAhttps://t.co/rrLOCuUKZk
— A Current Affair (@ACurrentAffair9) January 26, 2021
"Dairy Farmers and Farmers Union were founded before federation, some 120 years ago, and some dairy farming families that have supplied dairy farmers for that entire period of time."
Australian entrepreneur Dick Smith was also thrilled with the news
"It's absolutely fantastic to think that all these brands that were foreign-owned and bought by big American companies and European companies are now coming back to Australian hands," entrepreneur of Australian products, Dick Smith said.
"People talk about Australian made and that's good, but Australian made and owned is important because the profits stay here, the wealth stays here."
The $534 million dollar deal will result in Bega doubling in size as a company, with an estimated $3 billion in revenue.