Clover buys stake in Melody Dairies

Company News

by Rachael Jones

Clover Corporation (ASX:CLV) today announced it has acquired a 35 per cent stake in new company, Melody Dairies in New Zealand.

The company is owned by four partners; New Zealand Food Innovation 10 per cent, Dairy Nutra-ceuticals Investment, 20 per cent , Landcorp Farming Limited 35 per cent and Nu-Mega Ingredients 35 per cent – a company wholly owned by Clover Corporation.

In 2014, Clover invested in the first spray dryer built at Waikato.

An industrial spray dryer is a multimillion dollar facility for converting large volumes of liquid, such as milk, into a dried form like powered milk.

This will increase capacity to supply the growing New Zealand infant formula market.

Shares in Clover Corporation (ASX:CLV) are trading 0.34 per cent higher to $1.50.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.