Fonterra offloads DFE Pharma, bags $550m
Fonterra is receiving a $550 million cash boost following the sale of its 50% stake in pharmaceutical maker, DFE Pharma.
The announcement came today after a meeting between New Zealand Trade Minister Todd McClay and Sri Lanka’s Prime Minister Ranil Wickremesinghe at the World Economic Forum in Davos, Switzerland.
Managing Director of Fonterra Brands Sri Lanka Sunil Sethi says Sri Lanka is one of Fonterra’s most important markets. Anchor was introduced to the market over 40 years ago and we’ve been collecting milk from Sri Lankan dairy farmers since 1997.
“We are also working hard to develop the local Sri Lankan dairy industry. We have a major investment programme underway to help use our generations of dairy farming expertise to grow the local dairy industry that will uplift local farming communities and support the growth of our fresh milk products, which is a growing category. We see strong potential for further growth in trade from NZ, in local production and investment opportunities.
“We are pleased with the continued positive relationship we have here in Sri Lanka and would see an FTA as a logical extension of this relationship.”
