Aspen acquires 50% stake in milk formula

Cape Town - Aspen Holdings [JSE:APN] has concluded a transaction to acquire a 50% shareholding in New Zealand New Milk Limited ("NZNM"), a producer of infant milk formula in Auckland, New Zealand.

In terms of a supply agreement concluded between Aspen Global Incorporated and NZNM, long-term supply of infant milk formula for distribution by Aspen in Australia will be secured.

The investment in NZNM represents another step towards Aspen's aspirations to enter the Chinese infant milk formula sector, valued at approximately US$15bn.

Aspen, Africa's biggest drugmaker by value, has concluded a supply agreement with NZNM a long-term supply of infant milk formula for distribution by Aspen in Australia.

NZNM is one of a limited number of companies which holds the required endorsements from the Chinese regulatory authorities to produce infant milk formula for this key territory, according to an announcement on Sens.

- Fin24