Oct 31 (Reuters) - HRL Holdings Ltd (HRL) : ENTERED AGREEMENT...

Oct 31 (Reuters) - HRL Holdings Ltd (HRL) :

• ENTERED AGREEMENT WITH MILKTESTNZ TO CREATE JV CO WHICH WILL INITIALLY PROVIDE ANALYTICAL TESTING SERVICE TO NEW ZEALAND DAIRY INDUSTRY
• JOINT VENTURE COMPANY WILL REQUIRE FUNDING OF AROUND $3M NZD TO ESTABLISH OPERATIONS, DEVELOP NECESSARY TESTING METHODS, GO TO MARKET
• OWNERSHIP OF JOINT VENTURE COMPANY WILL BE AN EQUAL 50% HRL AND 50% MILKTESTNZ