Dairy manufacturer Fonterra recently bought yogurt producer Tamar Valley Dairy from administrators Deloitte. The acquisition deal was closed for an undisclosed amount. This was according to a report published by Just-Food.
Tamar Valley Dairy is a company that produces yogurt that was established in 1996. It is based in Launceston, Tasmania. The company currently has 170 employees. Deloitte said Tamar Valley was choked by strong competition, resulting in its the slowdown of its sales, said the report.
Following the acquisition of the troubled Australian company, Glen Kanevsky and Tim Norman were appointed as joint administrators over the business. The said deal was expected to be completed by November 25. Fonterra would take over the processing equipment, intellectual property, trademark, and related services for the Tasmanian yogurt maker, Just-Food reported.
Kanevsky said of the deal: "We are extremely pleased with the sale," he said. "The voluntary administration process is inherently unpredictable, and this transaction now provides certainty of outcome for suppliers, customers and employees."
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