Fonterra, Clover announce joint venture
To explore dairy ingredients-related opportunities in sub-Saharan Africa.
17/05/05 Fonterra Co-operative Group has concluded an agreement with South African dairy company Clover Industries Ltd which will see the two companies together explore dairy ingredients-related opportunities in sub-Saharan Africa.
The agreement, approved on May 13 by South Africa’s Competition Tribunal, allows the formation of a joint venture company, Clover Fonterra Ingredients (CFI), to handle the marketing of bulk dairy ingredients, carry out contract ingredient manufacturing, and supply food service products to nominated quick-service restaurants throughout the sub-Saharan region.
The new Company will be headed by Clover executive Pieter Uys. Mr Uys will report to a board of directors, made up of Fonterra and Clover executives. The new Company will employ all existing Clover and Fonterra staff directly involved in the businesses being joined to create CFI.
