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.
BAL Price at posting:
$12.08 Sentiment: Buy Disclosure: Held