Fonterra completes Tasmanian dairy takeover
Fonterra is now an even bigger cheese in Tasmania, after finalising its purchase of Tamar Valley Dairy in the Australian island state.
Tamar's yoghurt business is now under full ownership and management of Fonterra Australia.
The acquisition of Tamar's processing equipment, services, intellectual property and trademark, will see 122 jobs kept but 18 roles made redundant.
Fonterra Australia managing director Judith Swales said the purchase strengthened the company's position as a leader in the dairy industry across the Tasman and Tamar's products complemented Fonterra's existing yoghurt portfolio, which included market leader Nestle SKI.
In Tasmania, Fonterra already operates two manufacturing plants at Spreyton and Wynyard in the north of the state.
The company processes half of Tasmania's milk, collecting more than 500 million litres from 260 farms a year. It employs 220 people and over the past two years has invested $20 million in the two plants.