New Zealand-based dairy giant Fonterra will sell its Australian yoghurt and dairy dessert business to Parmalat Australia for an undisclosed sum.
Fonterra said the sale of the business, which includes manufacturing facilities at Tamar Valley and Echuca, is part of a plan to restore Fonterra's Australian wider business to strong profitability.
Parmalat has offered employment to all of Fonterra's Echuca and Tamar Valley employees in the yoghurt and dairy dessert business.
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