(RTTNews) – Dairy Crest Monday said it has purchased the outstanding 50 percent share of Promovita Ingredients Limited held by Fayrefield Foods Limited for a cash consideration of 6 million pounds, funded from existing borrowing facilities.
Promovita was established in 2014 as a 50/50 joint venture between Dairy Crest and Fayrefield to develop and produce GOS, a prebiotic for use in infant formula.
After investing in the manufacturing capability at Davidstow and successfully producing GOS samples, Dairy Crest now believes that full ownership of Promovita is in its and shareholders’ best interests. It allows Dairy Crest sole control over the development of the GOS business and to fully benefit from the value that this business generates, the firm said.
The move aims to strengthen Beiersdorf’s position in the international skin care market by boosting output to 500 million units annually and supporting flagship brands like Nivea and Eucerin and regional names such as Bambino.
The €45 million investment in the 8,800 m² facility underscores Heineken’s ambition to enhance its position as a leader in the brewing and brewing technology sector. This new R&D hub will focus on advancing brewing techniques, developing new products and addressing evolving consumer preferences, particularly in the realms of flavour and sustainability.
Cargill has announced its agreement to acquire 100% ownership of Teys Investments, an Australian beef producer. This acquisition marks a significant transition in ownership, as Teys has been jointly owned by the Teys family and Cargill for the past 14 years.
