Tatts Tote Tasmania acquisition complete
News on 30 Mar 2012
News on 30 Mar 2012
In a short media statement, the Tatts Group has confirmed completion of its acquisition of TOTE Tasmania for $103 million.
Not good news, however, for 30 percent of the TOTE workforce who have reportedly been displaced in the streamlining of the business.
Australian Premier Lara Giddings said: “Job losses are always regrettable and I am concerned for those people who have lost their jobs through the sale process.
“I am pleased that Tatts has outlined an ongoing strategy that supports two-thirds of TOTE’s employees and supports the continuation of the company’s retail and call-centre and race broadcasting operations in Tasmania.”
The Tatts Group will invest $3 million on initial upgrades to the business and a further $5 million on refurbishing TOTE’s offices over the next few years.
