Fonterra and Abbott seal JV for farm hub
Print Edition
NEW Zealand’s Fonterra Co-operative Group and US healthcare and pharmaceutical giant Abbott said they will invest US$300 million in a joint venture to set up a dairy farm hub in China to tap the growing demand for high quality raw milk source.
The joint venture, still subject to regulatory approval, will have up to five dairy farms producing 160 million liters of milk annually when it’s fully operational by 2018, a joint statement said yesterday.
“Farming hubs are a key part of our strategy to be a more integrated dairy business in China as we aim to contribute to the growth and development of the local dairy industry and help meet local consumers demand,” Theo Spierings, Fonterra chief executive, said in the statement.
Abbott Chairman and CEO Miles White said: “This is a very important step in our growing commitment to Chinese consumers.”
The two partners, which didn’t reveal their individual stake in the joint venture, haven’t picked a site for the new farm hub whose dairy cattle would be imported from New Zealand, Australia, the US or Europe or sourced from Fonterra’s existing farm hubs in Shanxi and Hebei provinces.
Fonterra last year launched self-branded consumer products to take advantage of the booming market for imported fresh milk and other dairy products in China.
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