Fonterra buys NZ Dairies’ milk powder plant from receivers

Thu, 14 Jun 2012

May 18 (BusinessDesk) – Fonterra Cooperative Group has agreed to buy the South Canterbury milk powder plant of New Zealand Dairies, the Russian-owned company that went into receivership last month. No price was disclosed for the plant at Studholme, which can process about 150 million litres of milk a year. NZ Dairies and related companies Studholme Corp and Dairy Exports New Zealand were placed in receivership by secured creditor VTB Capital, a Moscow-based investment bank. Fonterra chief executive Theo Spierings said the factory will compl...

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