Murray Goulburn closures to cost up to 360 jobs

Up to 360 people could lose their jobs after Murray Goulburn announced three manufacturing facilities in regional Victoria will close.

Facilities in Rochester and Kiewa, as well as Tasmania’s Edith Creek, will all be closed by early 2019.

Murray Goulburn is also writing off around $150m in debts owed by dairy farmers.

The closures, to take place over the next 18 months, are expected to save $40-$50 million.

The United Dairy Farmers of Victoria welcomed the move to wipe off farmers’ debts.

But Adam Jenkins, president of UDFV, told Tom Elliott the jobs will be lost as a result of ‘poor management’.

‘This will have a huge effect on those regional towns,’ he said.

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Earlier, 3AW finance expert Ross Greenwood told Neil Mitchell about the ‘pretty important development’.

Click play for Ross Greenwood’s finance report