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Fonterra, Abbot plan Chinese dairy farm joint venture
Online Edition
Fonterra Co-operative Group and Abbott will invest US$300 million in a dairy farm hub in China to tap growing demand for high quality milk.
The joint venture, still subject to regulatory approval, will have up to five dairy farms and an annual capacity of 160 million liters of milk, according to a joint statement released today by the companies.
"Farming hubs are a key part of our strategy to be a more integrated dairy business in China as we aim to contribute to the growth and development of the local dairy industry and help meet the needs of local consumers," Fonterra chief executive officer Theo Spierings said in the statement.
The two parties didn't reveal the breakdown of the venture and haven’t picked a location yet.
Animals at the new dairy farm will be either imported or sourced from Fonterra?s existing farm hubs.
This would be Fonterra’s third farm hub in China after it started operating dairy farms in the provinces of Shanxi and Hebei years ago.
Abbott Chairman and Chief Executive Officer Miles White said, “This is a very important step in our growing commitment to Chinese consumers.”
China's milk formula market jumped 21 percent to 91.2 billion yuan (US$14.7 billion) last year, according to market research firm Euromonitor International.
Demand for high-quality milk has been rising in China over the past few years due to numerous food safety scandals. The Chinese government has been eliminating outdated and smaller sized dairy farms to ensure quality and lift supply.
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