Gracekennedy To Buy Out Fonterra From Local Dairy Jv

1 month ago

Jamaican conglomerate GraceKennedy has signed an statement to get Fonterra’s shareholding successful nan arsenic divided associated task Dairy Industries (Jamaica).

GraceKennedy Group, which operates successful nutrient and financial services, declined to disclose nan position of nan woody pinch Just Food as it confirmed nan business will now person afloat ownership of Dairy Industries (Jamaica).

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New Zealand-headquartered dairy elephantine Fonterra announced successful May 2024 that it planned to discontinue nan consumer-facing parts of nan business to attraction connected ingredients successful what it called a “step-change successful strategical direction”.

Another dairy major, Lactalis successful France, confirmed successful August that it had acquired nan Fonterra assets.

Dairy Industries (Jamaica) started retired successful 1964 and added food processing to its repertoire successful 1968.

Its products include processed food successful cans, food spreads nether nan Tastee label, This Is Really Great yogurt, and nan powdered beverage marque Anchor.

The institution supplies nan US and Canadian markets and countries crossed nan Caribbean, including Guyana and Belize, GraceKennedy confirmed. Its 2024 yearly study shows nan institution besides markets its products successful nan UK and Europe.

GraceKennedy and Fonterra person jointly managed Dairy Industries (Jamaica) under a general associated task statement since 1996, according to a connection announcing nan buyout.

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That agreement, involving Fonterra’s predecessor nan New Zealand Dairy Board, was nan co-operative’s first associated task extracurricular its location market.

Commenting connected nan takeover, Frank James, group CEO of GraceKennedy, said: “Dairy Industries has delivered accordant maturation and profitability complete nan years, supported by a beardown civilization of innovation, an expanded merchandise portfolio, and increasing its export markets.

“This move positions america to build connected this momentum, standard nan business further, and deepen our activity successful nan dairy segment.”

GraceKennedy posted group gross of J$167bn ($1.04bn) successful 2024, up 7.8% connected 2023. Food accounted for 79% of its sales.

Profit earlier taxation surpassed J$12.3bn for nan first time, rising 8.6%.

Net profit attributable to shareholders roseate 8.1% to J$8.4bn, pinch net per stock climbing to J$8.52 from J$7.86 successful 2023.

Pre-tax profit for nutrient accrued 22% to J$7.92bn.

When it released its 2024 results successful February, GraceKennedy said its nutrient section recorded “robust growth” during nan year.

Andrea Coy, CEO of GraceKennedy Foods, said successful nan connection that though GraceKennedy will return complete ownership of Dairy Industries (Jamaica), its ties pinch Fonterra will stay successful spot done ongoing commercialized arrangements.

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