Murray Goulburn Co-operative Co Limited now has 100 per cent ownership of Tasmanian Dairy Products Co Pty Ltd after the acquisition was announced on Thursday, October 29.
MG acquired Mitsubishi Corporation’s remaining 24.1 per cent in TDP for a total consideration of $4.8 million.
TDP is one of Tasmania’s largest dairy companies processing around 25 per cent of Tasmania’s milk.
MG managing director Gary Helou thanked Mitsubishi for partnering with MG over the past three years as MG established itself in Tasmania’s dairy industry.
‘‘Mitsubishi will continue to be an important business partner for MG, following the acquisition,’’ Mr Helou said.
‘‘Over the past decade, the Tasmanian dairy industry has grown strongly... Tasmania is an important, strategic dairy region for MG to have a strong presence in.’’
Earlier this year, MG invited TDP suppliers to become MG supplier-shareholders.
From the start of 2015-16 season, all milk supplied to TDP has come via MG’s Tasmanian suppliers who became members of the co-operative.
‘‘We were pleased to be able to extend the benefits of our dairy co-operative to Tasmanian dairy farmers and we look forward to continuing to grow our supply base and production in this high quality dairy region,’’ Mr Helou said.