WHA Chart, page-246

That is right, BAL gets its milk from Europe and A2M gets its from NZ from memory. The problem they may face is a supply issue or no control over prices if their suppliers change their minds/ terms.
WHA owns a piece of all segments of the business and its supplied from Oz. They are the only vertically integrated diary supply company in the world and you can be sure they are growth growth growth players backed by some deep pockets. I think WHA will end up being built into a large company and then the Chinese or another company will buy it. dyor.