Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


A2 Announces Intention To Form JV

A2 Announces Intention To Form JV With So Natural Foods For Australia And Japan

Auckland, 14 December 2006 - A2 Corporation Limited (NZAX: ATM) ("A2C") announced today that it has signed a terms sheet with So Natural Foods Australia Limited (ASX: SNF) ("SNF") relating to the formation of a 50/50 joint venture company which will be granted exclusive rights for the production and sale of a2 milk(tm) products in Australia and Japan.

A2C's current operations in Australia will be transferred into the new entity. The transaction is subject to due diligence, board and other relevant approvals, and the finalization of formal documentation, with a proposed completion date of 30 March 2007.

SNF is an emerging public company focused on building a leading position in functional and nutritional foods in Australia and targeted international markets through a focus on brand development, product innovation, sales, marketing and distribution. SNF provides a wide range of foods and beverages that encourage better health and vitality in Australia and has a relationship with the major functional dairy group Yakult Honsha in Japan.

As well as providing significant dairy industry knowledge, access to further milk supply through its majority shareholder and retail grocery expertise, SNF will contribute a substantial cash investment to support the ongoing development of the joint venture company.

Mr Clifford Cook, Chairman of A2C stated: "This presents a significant opportunity to accelerate the expansion and growth of the A2 business in Australia, and entry into Japan. We believe there is a natural fit between A2C and SNF's focus on functional foods that seek to provide health benefits beyond basic nutrition."

Mr Geoff Babidge, CEO of SNF stated: "SNF is very pleased to be able to jointly participate with A2C in the expansion and growth of the A2 business in Australia and into the Japanese market where SNF is conducting business through its Thorpedo Foods joint venture".


© Scoop Media

Business Headlines | Sci-Tech Headlines


BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>

Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>

Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>

Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>