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New Zealand Milk Confirms China Jv Talks

Published: Mon 24 Nov 2003 09:44 PM
New Zealand Milk Confirms China Jv Talks
New Zealand Milk Managing Director, David Pilkington, today confirmed the company was in discussions with Sanlu, one of the top six dairy companies in China, around a potential joint venture.
"We have been working on developing a local partnership to achieve growth in the China market. Our discussions with Sanlu are progressing favourably. We hope that we will have an arrangement in place next year."
Mr Pilkington said New Zealand Milk's growth plans in China had been signalled at Fonterra's annual meeting in September when he told shareholders the company had a big focus on the market.
"Our goal is to develop a local partnership with a strong company that will leverage local knowledge and experience in the China market. We are working steadily towards that goal."
Any potential New Zealand Milk joint venture with Sanlu would be based around consumer dairy products. Fonterra's position as a supplier to the dairy ingredients market in China would be unchanged.

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