Fonterra completes acquisition of Tasmania's Tamar Valley Dairy
Fonterra finalized the purchase of Australian milk producer Tamar Valley Dairy. This was according to a report published by Stuff.co.nz.
After the completion of the takeover deal, Tamar's yogurt business is now fully-owned and managed by Fonterra Australia. Under the terms of the said deal, Fonterra also acquired Tamar's processing equipment, trademark, intellectual property, and services. Through the acquisition, 122 jobs had been kept, but 18 positions were made redundant, the report explained.
Judith Swales, managing director at Fonterra Australia, said the takeover reinforced the firm's position as a leader in the dairy industry across the region. Tamar's products complemented those in Fonterra's yogurt portfolio. Worth mentioning is the product Nestle SKI, the report said.
Fonterra already operated two manufacturing facilities in Tasmania. One is in Spreyton and the other is in Wynyard. The dairy company processes half of the region's milk. At present, the firm has 220 employees. Fonterra has invested USD20 million in the two plants over the past couple of years, Stuff.co.nz reported.