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Yili to invest 1.1b yuan in NZ milk powder project
By Ding Yining |
December 18, 2012, Tuesday
|
Online Edition
Online Edition
INNER Mongolia Yili industrial Group Co said yesterday it will invest 1.1 billion yuan (US$177 million) in a milk powder plant in New Zealand as domestic dairy makers seek new turfs abroad for better milk supply.
The new plant will take 19 months to build and go into production, and the project is still subject to Chinese and New Zealand's regulatory approval.
Yili said in a stock exchange filing that the investment will boost its profitability and raise its brand influence. It will not affect its other businesses, Yili added.
China's imports of milk powder have been growing steadily in recent years after numerous food quality scandals made the headlines.
Yili's New Zealand plant is designed with a processing capacity of 1,400 tons of fresh milk after it is in full operation in June 2014.
Shanghai-based Bright Dairy and Food Co set up a new plant for infant formula in New Zealand in 2011 to leverage the stable high-quality supply from local dairy farms.
The new plant will take 19 months to build and go into production, and the project is still subject to Chinese and New Zealand's regulatory approval.
Yili said in a stock exchange filing that the investment will boost its profitability and raise its brand influence. It will not affect its other businesses, Yili added.
China's imports of milk powder have been growing steadily in recent years after numerous food quality scandals made the headlines.
Yili's New Zealand plant is designed with a processing capacity of 1,400 tons of fresh milk after it is in full operation in June 2014.
Shanghai-based Bright Dairy and Food Co set up a new plant for infant formula in New Zealand in 2011 to leverage the stable high-quality supply from local dairy farms.
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