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FINANCIAL NEWS
Fonterra completes acquisition of Saudi firm
30 Mar 2010
(MENAFN) New Zealand-based Fonterra, the world’s largest dairy processor, announced that it has it has completed the acquisition of Dammam-based Saudi New Zealand Milk Products by purchasing the remaining 51 percent stake from its Saudi owner, Reuters reported.
Fonterra, the owner of popular brands such as Anchor, Anlene and Chesdale, agreed to pay $32 million to its former joint-venture partner Saudia Dairy and Foodstuff Company (Sadafco) for the remaining stake in the dairy manufacturing facility.
The Managing Director of Fonterra Middle East, Africa (MEA) and Commonwealth of Independent States (CIS) said that the acquisition was a major step forward for Fonterra’s strategy in Saudi Arabia and the wider GCC region.
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