Chinese infant formula maker Beingmate has announced it is entering into a joint venture with South Korea's Maeil Dairies.
The venture – Hangzhou Beingmate Maeil Food Co. will manufacture pre-packaged food, infant formula, infant food supplements, dairy products and maternal milk. It will also carry out research and development.
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The two have invested CNY6m (US$943,000) into the project, in which Beingmate will hold a 60% stake. Maeil will own the remaining 40%.
Additionally, Beingmate issued an announcement saying it planned to invest A$102m (US$72.8m) in an unincorporated joint venture with Fonterra.
The Beingmate board has approved the establishment of a venture to buy Fonterra's Darnum production facility in Australia. Beingmate will own 51% of the venture, with Fonterra holding the rest of the shares and running the plant.
The deal is part of a broader partnership between Beingmate and Fonterra. In March, Fonterra completed its move to invest in Beingmate, paying US$533m for an 18.8% stake. At the time, the New Zealand dairy giant said the companies would then set up a venture to buy the Darnum plant.
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By GlobalDataThe companies first announced their plans to team up in August last year.
