French dairy giant Groupe Danone has said it has raised its stake in US dairy firm Stonyfield Farm to 80% for an undisclosed sum.
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Danone bought a 40% stake in the organic yoghurt maker two years ago. Stonyfield chairman Gary Hirshberg said the latest move by Danone was the second phase of the partnership between the two companies, reported Dow Jones Business News.
Stonyfield had revenue of US$140m last year, and a 5% market share, Hirshberg said. He added that the company’s operating margin was below the Danone group average, which was 11.7% for 2003.
