Ann: Bellamy's & Fonterra Manufacturing Arrangement, page-38

Blackmores (BKL) doesn't own their manufacturing either, it's all contracted out. Blackmores is a consumer brand. Bellamy's is a consumer brand. This is the highest margin and highest value part of the value chain; not the production of the commodity itself.

@ Seuss most (80%) of Bellamy's raw material is sourced from Europe, according to a broker report. It's just processed by Bega and now (from mid 2016) by Fonterra.