A newly formed company Kyabram Conserves is to become the new owner of the IXL jam and Taylor's marinade and sauces following their sale by Coca-Cola Amatil's fruit and veggie processor SPC.
Kyabram Conserves is backed by Sydney-based fund and asset manager, Millinium Capital Managers. The IXL and Taylor’s products will be processed locally at the existing manufacturing site in Kyabram, in Victoria’s Goulburn Valley, and all 50 employees will be retained.
In 2004, SPC forked out $51 million for IXL and Taylor’s which was at the time owned by US company JM Smucker Co, which had fifteen years prior bought the brands from Elders IXL.
CCA announced its intention to sell the brands in January, pointing to falling sales as consumers opted for less sugary breakfasts.
The news comes as CCA undertakes a strategic review of SPC with a view to a possible change in ownership, alliances or mergers.
