Sector News

Freedom Foods strikes dairy deal with China’s New Hope

November 20, 2014
Food & Drink
THE listed Freedom Foods Group and its controlling shareholder the Perich Group have struck a landmark deal with China’s New Hope Group that will see tens of millions of dollars invested in Australian dairy farms.
 
Under a memorandum of understanding signed in Canberra yesterday evening, the parties will cooperate exclusively to develop and implement growth in long-term dairy milk supply through establishment of new large scale intensive dairy farms in Victoria.
 
The farms will supply Freedom Foods Group’s UHT operations and other potential processing operations in Australia including fresh milk.
 
New Hope has established an investment fund of up to $500 million to be invested in Australian agriculture and part of these funds, along with funds from the Perich family, will be invested in the new dairy capacity.
 
The management of future farm operations will be undertaken by the Perich Group, through a separate farm management services agreement.
 
The Perich Group, which is run by billionaires Tony and Ron Perich, runs one of the nation’s biggest dairies west of Sydney.
 
The family has a 60 per cent stake in Freedom Foods.
 
Managing director of Freedom Foods Mr Rory Macleod said in a statement today: “Australia has a unique advantage in the supply and manufacture of high quality premium agriculture based foods.
 
“With increasing demand from markets in China and Southeast Asia for high quality, value added product, Australia, through companies such as Freedom Foods and Perich Group, are well placed to play an important role in the development of this important supply chain.”
 
By Damon Kitney
 

comments closed

Related News

May 21, 2022

Cécile Béliot becomes Bel Group CEO

Food & Drink

Cécile Béliot has assumed the role of Bel Group chief executive officer, following the decision to separate the roles of chairman and CEO. The separation of the functions will enable Bel Group to develop in three areas of healthy snacking. Meanwhile, the company’s former CEO, Antoine Fiévet, has had his mandate renewed as chairman of the board.

May 21, 2022

“Corporate greed and dereliction of duty”: FDA commissioner slammed over infant formula shortage

Food & Drink

US Food and Drug Administration (FDA) Commissioner Dr. Robert Califf was grilled by lawmakers during a House Appropriations subcommittee hearing, where he was slammed over the agency’s handling of the escalating infant formula shortage.

May 21, 2022

Sweegen hails antioxidants and bitter blocking tech a turning point for sugar reduction and healthy aging

Food & Drink

Sweegen is ramping up its efforts to reduce sugar across F&B applications while simultaneously tapping into the benefits of using antioxidants and bitter blocking technology. Speaking to FoodIngredientsFirst, Casey McCormick, vice president of global innovation at Sweegen, says product developers can find a broad range of solutions in Sweegen’s nature-based sweetener systems as brands elevate better-for-you foods.