Dairy Crest takes full ownership of Promovita Ingredients
Dairy Crest has taken over the remainder of Promovita Ingredients.
Dairy Crest has taken over Promovita Ingredients, maker of galacto-oligosaccharide, a prebiotic for use in infant formula.
Promovita was set up in July last year as a 50/50 joint venture between Dairy Crest and Fayrefield Foods. At the time, Dairy Crest invested GBP20m (US$29.8m) at its Davidstow plant to produce GOS.
Dairy Crest has now acquired Fayrefield's 50% share for GBP6m (US$8.94m). A spokesperson for Dairy Crest said the deal did not impact the relationship with Fonterra, who would continue to supply the lactose as well as marketing and selling the end product.
Dairy Crest said the move was in its and its shareholders "best interests" as it allowed it complete control over the development of the GOS business and to benefit from the business it generates.
Mark Allen, CEO of Dairy Crest, said: "This is a further important step in the evolution of our added-value ingredients business. We remain on track to begin commercial production of GOS in early 2016 and this acquisition gives us full control over the development of this exciting business."
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