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.