FCG
17/11/2015 08:30
JOINTV
PRICE SENSITIVE
REL: 0830 HRS Fonterra Co-operative Group Limited
JOINTV: FCG: Fonterra welcomes Beingmate approval of joint venture
17 NOVEMBER 2015
Fonterra welcomes Beingmate shareholder approval of joint venture
Fonterra Co-operative Group Limited welcomes the formal approval by the
shareholders of Beingmate Baby and Child Food Company Ltd to establish a
joint venture to purchase the Co-operative's Darnum plant in Australia.
The Beingmate Board's formal approval (previously announced on 29 October
2015) was approved by the Beingmate shareholders at an EGM on November 16.
The joint venture will manufacture nutritional powders, including infant
formula and other nutritional milk powders, at Darnum in Australia, for
Fonterra and Beingmate, and other customers.
Beingmate will own 51 per cent of the JV and Fonterra will retain a 49 per
cent stake, and run the plant operation.
Last August, Fonterra and Beingmate announced that they intended to form a
global partnership to help meet China's growing demand for infant formula.
In March this year Fonterra acquired 18.8 per cent of Beingmate.
The partnership will create a fully integrated global supply chain from the
farm gate direct to China's consumers, using Fonterra's milk pools and
manufacturing sites in New Zealand, Australia, and Europe.
-ENDS-
For further information contact:
Simon Till
Director Capital Markets
Phone: +64 21 777 807
End CA:00273521 For:FCG Type:JOINTV Time:2015-11-17 08:30:05
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