US food giant, Mars has purchased a major stake in German targeted nutrition business, foodspring.
As part of this transaction, Fonterra (ASX:FSF) has sold its interest in foodspring’s parent, Goodminton A.G, and is set to see a gain on sale of $64 million.
The purchase price has not be disclosed and neither has the stake that Mars has acquired.
However, Fonterra’s Chief Operating Officer, Kelvin Wickham, says the partnership with foodspring has been an exciting early activity with the FSF’s new sports and active lifestyle business unit.
Over the past 18 months foodspring has become the fastest growing targeted nutrition brand in Europe. The health and wellness market is estimated to be $200 billion globally.
Shares Fonterra (ASX:FSF) closed 0.81 per cent lower at $3.68 yesterday.