Fonterra signs deal with Chinese infant formula company
Fonterra has completed a partial tender offer to acquire 18.8% of Beingmate Baby & Child Food Company, a leading Chinese infant formula manufacturer.
The two companies announced their intention in August 2014 to form a global partnership to help meet China’s growing demand for infant formula. The partnership will reportedly create a fully integrated global supply chain from the farm gate direct to Chinese consumers using Fonterra’s milk pools and manufacturing sites in New Zealand, Australia and Europe.
“Over the next few weeks, Fonterra and Beingmate will now move ahead with the next phase of our partnership, which includes establishing a joint venture to purchase the Darnum plant in Australia and finalising a distribution agreement making Beingmate Fonterra’s exclusive Anmum distributor in mainland China,” said Lukas Paravicini, Fonterra’s chief financial officer.
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