Fonterra completes transaction for SNZMP purchase

Published April 1st, 2010 - 02:56 GMT

 Fonterra, the world largest dairy processor, yesterday finalised the purchase transaction for the remaining 51% stake in Saudi New Zealand Milk Products with former joint-venture partner Saudia Dairy and Foodstuff Company (SADAFCO).

Fonterra now wholly owns the dairy manufacturing facility in Dammam, Saudi Arabia.

Amr Farghal, Managing Director of Fonterra Middle East, Africa (MEA) and Commonwealth of Independent States (CIS) said the acquisition, worth around SAR 120 million (NZD45 million), is a major step forward for Fonterra’s strategy in Saudi Arabia and the wider GCC region.

“We have great confidence in the stability and growth of the GCC economies, and see tremendous opportunity for our business in this region.

“With rising demand for high quality dairy products, this acquisition secures our manufacturing capacity requirements for the future and helps us bring more world class ingredients and innovative new products to the Middle East region.”

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