Russian baby food group Nutritek has acquired a 51.52% stake in New Zealand Dairies (NZDL) and intends to further increase its shareholding.
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At the end of May, Nutritek was granted approval by the Overseas Investment Office of New Zealand to take 100% of the dairy.
Nutritek said that it has “firm agreements” in place to continue to grow its share over the next year.
Nutritek chairman George Sazhinov said that, in taking a majority stake in NZDL, Nutritek had reached a fresh milestone in its plans to invest in Asia-Pacific.
The company will now proceed with plans to add further production facilities to the NZDL plant at Studholme, South Canterbury, and to develop high-technology and high value-added products in New Zealand.
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