New Zealand dairy giant Fonterra has said it plans to develop a new, value-added business focused on licensing its intellectual property (IP).
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Dr John Smith, Fonterra’s business manager of formulated milks, said the new business will focus on licensing “formulations and IP” in return for sales-based royalty payments or licensing fees.
“This is very exciting. The possibilities are huge. We want to establish a small set of customers that rely on us for their product development, who will tell us their business strategies and what products they want ahead of time, so that we can develop them. We want to be fully integrated into their business so that we are part of their ongoing success,” Smith said.
The main target markets for formulated milks are Asia, particularly China, and the Middle East, with nutritionally enhanced milk products.
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By GlobalData
