New Zealand dairy giant Fonterra has announced that the first stage of its alliance with Swiss food giant Nestlé in the Americas has proceeded on schedule.

“Chilled and liquid joint ventures have been established in Argentina, Brazil and Venezuela; milk powder joint ventures have been established in Brazil and Argentina,” Fonterra said in a statement to the New Zealand Stock Exchange.

“Fonterra has also sold its milk powder businesses in Venezuela and Central America to Nestle,” the company was quoted by Dow Jones News as saying.

The EU Commission approved in December the formation of Dairy Partners Americas, the 50-50 joint venture between Nestlé and Fonterra to produce and distribute dairy products in the Americas.