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NEW ZEALAND OWNED ‘FONTERRA’ INVESTS 11 MILLION US DOLLARS TO DOUBLE ITS YOGURT PRODUCTION IN SRI LANKA

By Walter Jayawardhana

New Zealand owned Fonterra , a yogurt manufacturing company already in business in Sri Lanka will double its production , by investing Eleven million US Dollars reports said.

“Fonterra's existing yoghurt plant near Colombo has a capacity of 6 million cups a month and this latest investment would boost capacity to 13.5 million,” company reports appearing in the New Zealander press said.

Fonterra , according to reports, is investing 14.6 million New Zealand Dollars (11 million USD) and it’s the New Zealander company’s largest offshore investment the report further said, quoting a company spokesman.

New Zealand’s largest company, Fonterra, is one of his country’s few hopes for tapping a “rich vein” of economic opportunities opening up globally, says Chairman Henry van der Heyden.
He said, in 10 to 15 years time Fonterra could be marketing 3 million tonnes of product sourced from New Zealand and a similar amount or more from a combination of offshore partnerships, investments and alliances.

At the same time, Fonterra will seek to increase its local raw milk supplies. Within 3 years, the dairy firm expects to be provided with 52,000 litres of milk daily, from 3000 local farmers.
It has been also predicted that the increase in production will largely benefit local Sri Lankan farmers.

Increasing its local milk supply would help Fonterra against volatile international prices, added the reports.

The reports further revealed that the yoghurt market in Sri Lanka has enjoyed double digit growth in each of the past 5 years and annual consumption is now estimated at 12,000 tons.

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