Under the terms of the sale, Fonterra Australia acquired the processing equipment, the related services, and the intellectual property and trademarks for the Tamar Valley Dairy brand. The company, which boasts a yogurt portfolio that includes Classic, Lite, Greek-Style, and No-Fat variations, went into voluntary administration in September 2013.
In a statement confirming the acquisition, Fonterra said that it has made 18 redundancies but retained another 122 positions.
Commenting, Judith Swales, managing director of Fonterra Australia, branded the deal “a positive result for Tamar Valley Dairy, the workforce and the community.”
“This acquisition strengthens Fonterra’s position as a leader in the Australian dairy industry, and complements our existing yogurt portfolio, which includes one of Australia’s most loved and market-leading yogurts, Nestlé SKI,” said Swales.
“We see tremendous opportunity going forward,” she added.