From Reuters:
New Zealand’s Fonterra on Wednesday said it will take a stake in Chinese baby food and formula maker Hangzhou Beingmate Group in the dairy giant’s first tie-up with a Chinese processor since its involvement in a tainted infant formula scandal in 2008.
More here: NZ’s Fonterra ties up with China’s Beingmate on infant formula
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FastFT have more, too:
- In addition to proposing a joint venture to meet demand for infant formula in China, Auckland-based Fonterra is investing NZ$555m to increase milk processing capacity in New Zealand
- Annette Beacher, economist at TD Securities, called the investment “massive” and it said it should “smooth out the production … in contrast to the substantial seasonal swings experienced now.”
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Earlier New Zealand news: Fonterra keeps forecast milk payout unchanged for 2014/15
