S AFRICA: Clover functional foods JV to debut lines in H2
The JV would do business in South Africa and other African markets, Vorster said
Clover Industries' new venture with functional foods firm FutureLife will launch its first products in the second half of the year, the chief executive of the South African dairy processor has told just-food.
Johann Vorster said today (19 March) the new business, in which both companies would own a 50% stake, would launch a "new range of functional food products".
"A number of product variants are being assessed with the first product scheduled to launch in the second half of the year," Vorster said.
The venture plans to do business in South Africa and "selected African countries", Vorster said, without specifying in which other markets the products would be launched. However, Vorster said the two companies were looking at markets outside South Africa "as the product will have an extended shelf life".
Clover will be in charge of production, sales, distribution and merchandising. The products will be manufactured at Clover's Clayville facility, situated in the north of Johannesburg.
"The joint venture with FutureLife is a natural fit for Clover," Vorster said. "Futurelife's expertise in cereals and functional foods combined with Clover's expertise in milk, dairy and nutrition make it a highly attractive investment proposition with good prospects. Internationally, functional foods are enjoying high growth rates as these types of products cut across all segments and are enjoyed by a wide range of consumers ranging from athletes to busy executives as well as young and older people."
Companies: Clover Industries
South African dairy processor Clover Industries has forecast half-year earnings will rise by up to 46% on the back of success in pushing up prices....
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