Friday, March 29, 2024

Beingmate shareholders approve JV

Avatar photo
Fonterra Co-operative says it welcomes the formal approval by the shareholders of Beingmate Baby and Child Food to establish a joint venture to purchase the co-operative’s Darnum plant in Australia.
Reading Time: < 1 minute

The Beingmate Board’s formal approval was approved by the Beingmate shareholders at an EGM on November 16.

The joint venture will manufacture nutritional powders, including infant formula and other nutritional milk powders, at Darnum in Australia, for Fonterra and Beingmate, and other customers.

Beingmate will own 51% of the joint venture and Fonterra will retain a 49% stake, and run the plant operation.

Last August, Fonterra and Beingmate announced that they intended to form a global partnership to help meet China’s growing demand for infant formula. In March this year Fonterra acquired 18.8% of Beingmate.

The partnership will create a fully integrated global supply chain from the farm gate direct to China’s consumers, using Fonterra’s milk pools and manufacturing sites in New Zealand, Australia, and Europe.

Total
0
Shares
People are also reading