Join our daily newsletter At The Bell to receive exclusive market insights
- Freedom Foods Group has announced Australian Fresh Milk Holdings (AFMH) will purchase the Torrumbarry Aggregation in Northern Victoria
- With this acquisition, AFMH is the largest dairy producer in Australia, expected to produce 190 million litres of milk into 2021
- As part of the purchase, Freedom Food contributed $4 million equity funding, based on its 10 per cent shareholding
- Freedom Foods is down 5.85 per cent and is trading at $5.48
Freedom Foods Group has announced Australian Fresh Milk Holdings (AFMH) will purchase the Torrumbarry Aggregation in Northern Victoria.
AFMH currently has two dairy farms, Moxey Farms, located in the Lachlan Valley, New South Wales, which is 340 kilometres west of Sydney.
The acquisition includes significant water rights, with the Torrumbarry Aggregation comprising of 3,500 hectares on the Murray River.
“The purchase of the Torrumbarry Aggregation supports the accelerated growth plans at Moxey Farms and Coomboona Farms, providing the opportunity to support the development of a scaled young stock operation to support increased capacity in milking cows,” the company told the market.
With this acquisition, AFMH is the largest dairy producer in Australia, expected to produce 190 million litres of milk into 2021.
AFMH is a strategic partnership owned by the Moxey and Perich families and other shareholders including Freedom Foods. Freedom Goods has a 10 per cent shareholding in AFMH.
“Freedom Foods intends to utilise a growing proportion of the dairy milk output from AFMH for its milk supply needs, supporting a range of UHT and value-added product opportunities,” the company said.
As part of the purchase, Freedom Food contributed $4 million equity funding, based on its 10 per cent shareholding.
Freedom Foods is down 5.85 per cent and is trading at $5.48 at 2:24 pm AEDT.
