Fonterra offloads pharmaceutical business, cuts debt

New Zealand dairy giant Fonterra (ASX: FSF) has offloaded its shareholding in pharmaceutical supplier DPE Pharma as it reorganises its businesses to cut debt. The company sold its 50 per cent shareholding in the international suppliier of dry inhalation powders for $589 million (NZD$633 million), ending its association with milk-based pharmaceuticals. The purchaser was capital…

Keytone Dairy buys contract manufacturer Omniblend

New Zealand-based but Australian-listed dairy manufacturer, Keytone Dairy (ASX: KTD) has agreed to buy Byron Bay contract dairy manufacturer, Omniblend for a minimum of $22.6 million. In a deal which could be worth an additional $30 million to Omniblend should the business reach agreed milestones, Keytone will increase its production capacity by more than 5,000…