NZ: Fonterra expands with Pastryhouse takeover
Fonterra has accelerated its move into the foodservices sector with the acquisition of Auckland-based bakery the Pastryhouse.
Fonterra global foodservice director George Zoghbi said: "The Pastryhouse's range of products will complement Fonterra's existing global foodservices businesses. The Pastryhouse makes quality ready-to-use products, high in dairy content, with a reputation for good taste and consistency, which meet the demands of foodservice customers and which have the potential for international expansion."
The Pastryhouse makes croissants and Danish pastries primarily for supermarket in-house bakeries, hotels and other foodservice customers. NZ reports have suggested that the bakery business, acquired through Fonterra subsidiary Tip Top, has the potential for serious growth in Australia and Asia.
"The Pastryhouse is a small but significant 'stepping stone' acquisition which fits well with Fonterra Foodservices' growth strategy into the ready-to-use range," Zoghbi said. "In New Zealand and Australia we are the only business to offer foodservice customers every dairy segment. The Pastryhouse enables us to further expand the boundaries of dairy."
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