Olam included the information in its 2020 annual report under “divestments of deprioritised assets”.
Before the takeover offer cited by Olam, Talley’s held a 77% stake in the New Zealand dairy company, according to the NZ Companies Office.
Open Country reported $1.6 billion of revenue in the year to September 30, 2020, versus $1.4b in the prior year. Net profit was $68m versus $31m in the prior period.
Open Country is NZ’s second-largest dairy producer. It began production as Open Country Cheese at Waharoa near Matamata in 2004 and was the first major independent export processor following deregulation of the dairy industry.
Talley’s then acquired a stake in 2007, through the controlling interest it acquired in meat processor Affco the year before. Olam’s involvement also dates back to 2007 when it bought a stake in Open Country Cheese.
Since then, Open Country Dairy has established plants at Horotiu near Hamilton, in Whanganui and at Awarua. They are all at or near Affco plants.
Company officials from Open Country Dairy and Talley’s were not immediately available to comment.
