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Fonterra & Dairy Farmers Of America Joint Venture

Friday 1 March 2002

Fonterra & Dairy Farmers Of America Extend Joint Venture

Fonterra CEO Craig Norgate and Dairy Farmers of America (DFA) CEO Gary Hanman have announced an extension of their companies' DairiConcepts joint venture.

The joint venture, forged in 2000, is a 50:50 partnership between DFA, the world's largest dairy co-operative, and NZMP, Fonterra's global ingredients business.

The extension of the joint venture, effective from today, will see an existing DFA plant at Portales, New Mexico, significantly expanded to feature the first commercial production of milk protein concentrate (MPC) in the United States, as well as other dairy ingredients for many market applications in the US's fastest growing food sector, convenience foods.

"Establishing a US source of MPC is an essential step for us to meet the needs of customers in the NAFTA region," Mr Norgate said. "Already Fonterra and DFA have developed a strong and successful relationship through our two existing joint ventures, and the extension of DairiConcepts will put us in a better position to satisfy increased demand for dairy ingredients in the US and beyond."

The extension of the joint venture with DFA is consistent with Fonterra's strategy to develop key partnership relationships to satisfy the needs of an increasingly global customer base in a world dairy market characterised by supplier consolidation.

END


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