Vinamilk acquires 100% stake in US-based Driftwood

Tuesday, May 24, 2016 13:03

The Driftwood Dairy was established in the 1920s. This retail store was built in 1961. It was originally known as the Driftyland Dairy-Port. — Photo
HA NOI (Biz Hub) — Viet Nam Dairy Products Joint Stock Company, or Vinamilk, announced that it has received the approval to invest an additional sum of US$3 million in Driftwood Dairy Holding in California.

This brings its total investment capital to $10 million and raises its ownership cap from 70 per cent to 100 per cent stake.

The investment licence was issued by the Ministry of Planning and Investment on May 19. Dairy began operations in the 1920s, providing butter, juices, ice cream and breads to schools, hotels, hospitals, supermarkets and restaurants. The products are expected to be exported to foreign countries.

Vinamilk officially received the investment licence to invest $7 million to buy 70 per cent stake in Driftwood Dairy in December 2014. — VNS

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