(MENAFN) New Zealand dairy giant Fonterra said it's forming a partnership with China's Beingmate to help meet growing demand for infant formula in China, AFP reported.
Fonterra, the world's largest dairy exporter, said it plans to take a stake of up to 20 percent in Chinese Beingmate, an infant food company based in Hangzhou.
Fonterra said its total investment in the partnership would be up to USD513 million. It remains subject to shareholder and regulatory approvals.
"By working together with Beingmate we will strengthen our infant formula brand presence in China and link China to high-quality ingredients from New Zealand" Fonterra CEO said.
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