Vegemite back in Australian ownership

vegemite

Bega Cheese has finalised its takeover of the Vegemite brand, after a cyber attack stalled the deal.

In a deal worth $460 million, Bega has acquired food giant Mondelez International’s Australian grocery and cheese business, which includes the Vegemite brand, as well as others such as ZoOSh salad dressings and beef extract Bonox.

The acquisition includes the brands’ manufacturing facilities.

Bega Cheese executive chairman Barry Irvin has said the Vegemite brand will continue to focus on local growth, however there are also plans to expand to the Asian market.

The deal has led to the creation of 200 jobs in Melbourne.

The takeover was initially stalled due to an outage of the Mondelez global IT network, which was attributed to a global cyber attack.

This is the first time in 90 years that the Vegemite brand has been in Australian ownership.