Japanese Kaneka Corporation closes its Gold Coast pie factory TGA Pastry after 35 years

A Gold Coast pie factory has been shut down by its Japanese parent company after operating on the Gold Coast for 35 years.

TGA Pastry was formerly known as The Great Australian Pie Company.

A GOLD Coast pie factory has been shut down by its Japanese parent company after operating for 35 years.

Financial statements show Arundel-based TGA Pastry, which is owned by Tokyo and Osaka-based Kaneka Corporation, has been operating at a loss for two years.

TGA Pastry’s latest financial reports reveal it made $6.34m revenue but ran at a $55,145 loss last financial year, following a $16,586 loss the previous year.

The company drew $518,571 in government Covid-19 recovery stimulus funding in FY2021.

Opening of the extensions to the Great Australian Pie Company by Queensland Premier Wayne Goss. L-R Wayne Goss, Takeshi Fujiwara, Kel Netting. Taken 29/11/90 by Richard Webb.

Kaneka Corporation, whose company slogan is The Dreamology Company, produces chemicals for manufacturing as well as nutritional supplements, medical and pharmaceutical products.

Most recently, the company turned to manufacturing Covid-19 products, including test kits, chemicals to make disposable gloves and potential vaccine candidates.

TGA Pastry’s report said Kaneka Corporation directed the company to cease production from March 1, “whilst it contemplated the future strategy of the company due to changes in pricing pressures and in demand for its products”.

The report said Kaneka decided from June that the factory would cease production “for the foreseeable future”.

TGA, formerly called The Great Australian Pie Company, was launched in 1986.

Before it was purchased by Kaneka, the pie company was owned by Queensland United Foods, the dairy company now known as Pauls Ltd.

The pie company had operated at Arundel since 1986.

The closure of the factory has opened the door for property investors, with the 3759sq m Brisbane Rd-fronting block hitting the market for the first time in decades.

The property at 4 Wrights Pl Arundel was last purchased for $1.31m in 1986.

Ray White Commercial agent Ryan Langham said the sell-off of 4 Wrights Rd, which has

total net lettable area of 2311sq m, was a “once-in-a-generation opportunity”.

Mr Langham said the “extremely motivated sellers” had listed the property, and its cold storage and food manufacturing facilities, for auction on September 16.

“Such a prime location and in an asset class that is seeing ever-growing interest in the cold storage, food processing and manufacturing industry, these assets are sought after among

investors,” he said.

“But the opportunity also lends itself to owner-occupiers, looking to relocate their business from interstate or perhaps expand their operations.”