Saudi Arabia’s growing market prompted Fonterra to establish a presence in the country. (Getty Images)Fonterra Cooperative Group Ltd, the world’s biggest exporter of dairy products, reached a final accord to take full ownership of Saudi New Zealand Dairy Products Co to aid its expansion in the Middle East.
The company will buy the 51 percent stake from partner Saudi Dairy & Foodstuff Co for $33 million, the Auckland based milk processor said yesterday in an e-mailed statement. The deal is subject to Saudi regulatory approval.
Saudi New Zealand’s plant was started in 1996 and processes about 30,000 metric tons of New Zealand milk a year for sale in the Middle East, Africa, and Eastern Europe. Ownership will allow for further expansion, Fonterra said
