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The iconic Tim Tam biscuit is set for a global expansion, thanks to a $45 million investment from a government fund.
The National Reconstruction Fund Corporation (NRFC) plans to allocate this taxpayer money as part of a larger $1.75 billion debt refinancing initiative for The Arnott’s Group, the makers of Tim Tams.
This investment aims to enhance the company’s manufacturing capabilities within Australia while also paving the way for greater international market penetration.
Already a hit in the UK, Tim Tams have been available in major supermarkets since April last year.
In that time, the biscuits have surpassed expectations, with an impressive five million packets sold.
“So many of us have taken a pack of Tim Tam biscuits with us when we set out on travels across the globe,” NRFC CEO David Gall said.
“Taking such an iconic brand to international markets is something that is good for Australia.”
The fund has $15 billion of taxpayer money to invest in the country’s manufacturing sector, with the money ploughed into Arnott’s being the third such investment by the NRFC.
It also recently invested $36 million into Patties Food Group, the biggest meat pie maker in Australia.
Despite Arnott’s and Tim Tams being an Australian icon and having 2500 employees in the country, it is not Australian-owned.
It is owned by an American private equity firm called KKR, which purchased it from another foreign company, Campbell’s Soup, in 2019.
Arnott’s has not been in Australian hands since 1997.