Fonterra plans to buy out Saudi JV partner
Fonterra has conditional agreement to buy out Saudi JV partner
Dec. 9 (BusinessWire) Fonterra Cooperative Group, the world’s biggest exporter of dairy products, has conditional agreement to purchase the remaining 51% of its Saudi Arabian joint venture from its partner.
Fonterra is still in talks with Saudi Dairy & Foodstuff, known as Sadafco, to acquire the remainder of their JV Saudi New Zealand Dairy Products, said the cooperative’s general manager for strategy, Simon O’Connor.
Settlement is expected in early January, he said. No price was given.
Saudi Arabia and the United Arab Emirates are Fonterra’s fastest growing markets in the Middle East, accounting for 60% of its business in the Gulf region, according to its website.