Open Country Dairy Completes Acquisition of Miraka
Sourse: dairynews.today
Open Country Dairy has completed its acquisition of Miraka, ensuring new incentives for suppliers and strategic plans for growth.
Open Country Dairy, New Zealand's second largest milk processor, has made a strategic acquisition of Miraka, a prominent, Māori-owned processor. This move comes amidst reports that Miraka was facing financial difficulties, with potential liquidation looming before Open Country's intervention. This acquisition includes a financial 'wash-up' payment to Miraka suppliers, alongside an average addition of $0.17/kgMS Te Ara Miraka payments from a pre-existing farming excellence program.
The base milk price for the 2024/25 season stands at $10.16/kgMS, aligning with major competitors like Fonterra, which also announced a dividend of 57c/share. Open Country already manages milk deliveries effectively in the Waikato and Central North Island regions through collaboration with Central Transport Limited. With plans to host a supplier meeting soon, Open Country seeks to address any concerns from Miraka suppliers while underpinning its commitment to the Mokai site's vitality.
Bruce Scott, Miraka's chair, remarked on the company's proud legacy and future advantages within Open Country's robust network. Open Country is poised to expand with a sixth site after acquiring the Mataura Valley plant for $125 million. This acquisition emphasizes Open Country's dedication to leveraging local partnerships and global market opportunities for long-term community benefits.
The base milk price for the 2024/25 season stands at $10.16/kgMS, aligning with major competitors like Fonterra, which also announced a dividend of 57c/share. Open Country already manages milk deliveries effectively in the Waikato and Central North Island regions through collaboration with Central Transport Limited. With plans to host a supplier meeting soon, Open Country seeks to address any concerns from Miraka suppliers while underpinning its commitment to the Mokai site's vitality.
Bruce Scott, Miraka's chair, remarked on the company's proud legacy and future advantages within Open Country's robust network. Open Country is poised to expand with a sixth site after acquiring the Mataura Valley plant for $125 million. This acquisition emphasizes Open Country's dedication to leveraging local partnerships and global market opportunities for long-term community benefits.
