French dairy giant Parmalat is acquiring Gippsland-based processor Longwarry Food Park for $67 million.
Longwarry processes 100 million litres of milk a year and makes the Gippy fresh and UFT milk and cream cheese brand as well as milk powders, and it exports 80 per cent of its products.
This is the second export-focused acquisition for Parmalet this year. In April, the company, which is owned French dairy company Lactalis, spent $120m on WA dairy and juice exporter, Harvey Fresh.
The combined deals mean that Parmalat now controls more than ten per cent of Australia’s dairy market.
Longwarry was founded in 2001 by Rakesh Aggarwal, Longwarry’s managing director who bought a Bonlac dairy factory.
The deal is subject to Foreign Investment Review Board approval.
