OIO approves formula factory consent sale
Construction of a dairy factory near Glenavy has moved a step closer.
The Overseas Investment Office (OIO) has given the go-ahead for Chinese company Inner Mongolia Yili Industrial Group to purchase the Oceania Dairy's resource consent to build an infant formula plant on a 37.8ha site south of Waimate.
The total cost of this development is $214 million.
The group plans to construct a milk processing plant on the land to produce base powder using various local suppliers of raw milk. The base powder will be exported to China and used in the production of infant milk formula.
The plant is scheduled to be completed by June 2014, working at 60 per cent capacity. Annual full capacity of 47,000 tonnes is expected in the 2016-17 year.
The decision summary document described the Inner Mongolia Yili Industrial Group as China's market leading dairy products manufacturer.
It comes after the OIO yesterday granted permission for Yashili International Holdings, for its proposed $212 million milk processing plant in Pokeno.
The Overseas Investment Office (OIO) has given the go-ahead for Chinese company Inner Mongolia Yili Industrial Group to purchase the Oceania Dairy's resource consent to build an infant formula plant on a 37.8ha site south of Waimate.
The total cost of this development is $214 million.
The group plans to construct a milk processing plant on the land to produce base powder using various local suppliers of raw milk. The base powder will be exported to China and used in the production of infant milk formula.
The plant is scheduled to be completed by June 2014, working at 60 per cent capacity. Annual full capacity of 47,000 tonnes is expected in the 2016-17 year.
The decision summary document described the Inner Mongolia Yili Industrial Group as China's market leading dairy products manufacturer.
It comes after the OIO yesterday granted permission for Yashili International Holdings, for its proposed $212 million milk processing plant in Pokeno.
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