After being owned by a U.S company for nine decades, the trademarked name of ‘Vegemite’ will be returning home to Australia.
In an “exciting evolution for the company”, Australia’s Bega Cheese executive chairman Barry Irvin announced last week that the company would obtain the global trade mark rights to Vegemite from Mondelez International as part of a business acquisition worth 460 million Australian dollars.
A quintessential breakfast spread for most Australians, over 22 million jars are produced in Vegemite’s Port Melbourne factory every year. As reported by the Sydney Morning Herald, Bega Cheese says that the trade mark acquisition will give it a “strong presence” in the domestic spreads business.
The news of the acquisition surely came as a relief for Bega’s investors, with shares rising by 15 per cent since the announcement was made. The rise in shares will undoubtedly help in recouping the losses recorded last October, when concerns over slow sales of infant milk formula from Bega’s joint venture with Blackmores saw the shares dumped.
The shift back to full Australian ownership is a welcome transition for fans of the iconic spread, who can now wholly claim Vegemite as a national treasure.
Credit: Elizabeth Samaras