Acquired taste: Australia toasts return of national spread Vegemite to local ownership

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Vegemite jars on display at a factory in Melbourne, Australia. Photo: EPA

Published: 3:07pm, 19 Jan 2017Updated: 10:05pm, 19 Jan 2017

Vegemite, the salty yeast-based spread beloved by Australians, is returning Down Under after decades of US ownership.

An acquired taste for the foreign palate, Vegemite on toast is a staple found on most Australian breakfast tables, and its fans range from prime ministers to celebrity chefs.

Cheese maker Bega announced the A$460 million (US$346 million) purchase on Thursday of most of US-based Mondelez International’s Australia and New Zealand grocery business, which includes the tarry sandwich filling.

Mondelez International managing director for Australia and New Zealand, Amanda Banfield (left) and Bega Cheese executive chairman Barry Irvin pose during a press conference at Vegemite Way in Port Melbourne, Victoria, on Thrsday, to announce that Vegemite will return to Australian ownership. Photo: EPA

Barry Irvin, Bega’s executive chairman, noted “the wonderful heritage and values that Vegemite represents and its importance to Australian culture”, in a statement to the Australian Stock Exchange.

The sticky spread, which was invented to rival Britain’s Marmite, first hit the shelves in 1923 and during World War II was rationed for civilians due to overwhelming demand from the military.

Today, the yeast extract made from beer brewing by-product, sells on average close to one jar per Australian each year, about 23 million.