16th April 2024 Pure Nutrition / Westland Milk
Westland Dairy Company is not expecting to have to top-up the $25.9m upfront payment it made as part of a deal to take full control of a loss-making infant-formula joint venture it formed in 2016.
The company delivers a 43% jump in profit, diversifying into higher-value dairy products as part of its five-year turnaround strategy.
Westland Milk Products says it is on track to match the $1bn of revenue and $39m profit it posted in 2022, despite a sluggish global economy and volatile trading conditions.
Westland Milk Products has received a gold ranking from independent sustainability auditors EcoVadis.
The West Coast dairy company buys out its partner’s 60% stake in the loss-making infant formula joint venture.
Westland Milk Products is expanding its Westgold brand in Australia following a showcase of its products at Foodservice Australia 2023.
The investment will treble production of the high-value bioactive dairy ingredient at the company’s Hokitika site.
“The biggest contributor to increasing revenue has been our high-value product strategy and to some extent high global commodity prices” – CEO Richard Wyeth.
Westgold butter is now on the shelf of 550 Walmart stores across 19 states as part of drive into the US market.
Canary Foods says the deal will give it “even greater access to international markets”.
weather which saw a state of emergency declared on the West Coast after flooding caused widespread damage
An appeal related to the Overseas Investment Office decision to approve the sale of Westland Milk Products to Chinese conglomerate Yili is set to start on Wednesday.
The West Coast dairy company will double the capacity of its Hokitika butter manufacturing plant.
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