Warrnambool Cheese and Butter Factory (WCB), the Australian dairy firm, said today (27 November) that its planned cheese venture with National Foods should be set up by the end of February next year.
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The venture is part of National Foods’ takeover of Australia’s Dairy Farmers, which was sealed today (27 November).
Under the companies’ plans, WCB will run the majority of Dairy Farmers’ cheese-making operations, with the exception of the Malanda site. National Foods will handle distribution, sales and marketing.
Discussions between the two sides are “ongoing” and WCB said the companies were “committed” to setting up the venture “as soon as practicable”.
Until the venture is set up, National Foods will run the cheese businesses but WCB indicated that the venture should be established by the end of February next year.
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By GlobalDataWCB said plans for an equity raising are going ahead with the move slated for the first quarter of 2009.
