Fonterra and Nestlé rework Dairy Partners Americas joint venture
Fonterra has announced it has realigned its Dairy Partners Americas (DPA) 50/50 joint venture with Nestlé. The two companies have signed binding agreements covering the revised scope of the alliance.
The agreement will see Fonterra take a 51% controlling stake in DPA Brazil, with Nestlé holding the balance, and acquire Nestlé’s share of DPA Venezuela with a local partner. Fonterra will also sell its share in DPA’s milk powder manufacturing business and DPA Ecuador to Nestlé.
“The region’s economies have undergone considerable change during the past 10 years. We’ve seen increased prosperity in markets like Brazil with rapid urban growth and a focus on healthy nutrition driving demand for dairy products,” said Alex Turnbull, Fonterra’s managing director of Latin America.
“A bigger stake in DPA Brazil means we will be well placed to drive our volume and value growth strategy focusing on everyday nutrition offerings.”
The changes to the joint venture are subject to regulatory approval. Fonterra expects it will receive approximately NZ$96 million in the next financial year as a result of the changes.
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