FINANCIAL NEWS

Fonterra buys $32m diary factory in Dammam

27 Apr 2010

(MENAFN) Fonterra, the world?s largest dairy processor, announced that it has recently acquired the Saudi New Zealand Milk Products (SNZMP) dairy factory in Dammam for $32 million, Reuters reported.

New Zealand?s Minister of Trade Tim Groser said that the GCC holds increasing importance for New Zealand, which is investigating new opportunities for trade and investment in the region.

Fonterra previously owned a 49 percent stake in the SNZMP dairy manufacturing factory with former joint-venture partner Saudia Dairy and Foodstuff Company (SADAFCO), which owned the remaining 51 percent stake.

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