Fonterra's Beingmate JV to start China exports this year
Plant east of Melbourne to begin producing infant formula for Chinese consumers in second half.
Fonterra Co-operative Group's [NZX: FCG] Darnum plant in Australia, which it's rolling into a joint venture with China's Beingmate, is expected to start producing infant formula products for the venture's Chinese customers in the second half of 2016.
The joint venture, 51% owned by Beingmate and 49% by Fonterra, will distribute Fonterra's Anmum brand products in China. Subject to final regulatory approvals, the first product destined for Beingmate's Chinese customers is expected to roll off the Darnum line in the second half of 2016, Auckland-based Fonterra said in a statement.
For Fonterra, the world's largest dairy exporter, the partnership with Beingmate aims to create a fully integrated global supply chain from the farm gate direct to consumers in China, the world's largest market for infant formula, using Fonterra's milk pools and manufacturing sites in New Zealand, Australia and Europe.
(BusinessDesk)
Tina Morrison
Thu, 04 Feb 2016
Thu, 04 Feb 2016
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Fonterra's Beingmate JV to start China exports this year
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