GraceKennedy has announced an agreement to acquire Fonterra Co-operative Group's shareholding in Dairy Industries Jamaica, a move that will give the Jamaican conglomerate full ownership of the company.
Dairy Industries Jamaica has been a key player in the local manufacturing sector for more than six decades.
The company began operations in 1964 and started cheese processing in 1968.
It is the only manufacturer in Jamaica and the wider Caribbean producing processed cheese in a can with Tastee Cheese as its flagship brand.
Group CEO of GraceKennedy, Frank James, says the acquisition reflects Dairy Industries' strong performance and
strategic importance to the group.
He adds that full ownership will allow GraceKennedy to scale the business further and strengthen its leadership in the dairy segment.
Chief Executive Officer of GraceKennedy Foods, Andrea Coy, says, GraceKennedy will continue its long-standing relationship with Fonterra on a commercial basis.
GraceKennedy and Fonterra have been partners in Dairy Industries for more than 40 years.
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