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Fonterra to sell Australian yogurt dairy desserts business

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Staff writer ▼ | December 18, 2015
Fonterra Co-operative Group has announced the intention to sell its Australian yogurt and dairy dessert business to Parmalat Australia.
Exclusive negotiations   Parmalat Australia is buying a business from Fonterra
Both parties entered into exclusive negotiations which have now culminated in the signing of a sale agreement.

The transaction, which is conditional on regulatory and other approvals, is expected to be completed in the first half the of the 2016 calendar year.

The divestment of its Australian yogurt and dairy desserts business, which includes manufacturing sites at Tamar Valley and Echuca as well as its Australian yogurt and dairy dessert brands, is part of a comprehensive plan to return the Co-operative’s Australian business to strong and sustainable profitability.

While the sale of this business is not material in itself, it is disclosed as it is a key part of the previously announced plans for our Australian business.