Vietnamese dairy Vinamilk in talks to acquire European operations: Reports

By Mark ASTLEY contact

- Last updated on GMT

Vietnamese dairy Vinamilk in talks to acquire European operations: Reports

Related tags: Vietnam

Vietnamese dairy giant Vinamilk is in talks to acquire dairy operations in Europe, according to reports from the South East Asian country.

During Vinamilk's annual general meeting (AGM) in Ho Chi Minh last month, chairwoman and CEO, Mai Kieu Lien, reportedly revealed the company is in talks with two European partners to buy an unspecific facility.

Vinamilk - also known as Vietnam Milk Company - announced it was budgeting 4tn Vietnamese Dong (US$186m, €164m) to finance mergers and acquisitions, increase its domestic market share and increase production in 2015. 

In the last 18 months, Vinamilk has completed a series of overseas investments. 

In January 2014, Vinamilk was granted an Overseas Investment Certificate by the Vietnamese Ministry of Planning and Investment to acquire a 51% in Cambodian processor, Angkor Dairy Products.

A month earlier, in December 2013, Ho Chi Minh-based Vinamilk was granted an Overseas Investment Certificate to acquire a 70% stake in Californian processor, Driftwood Dairy, for $7m.

Weeks earlier, the Vietnamese Ministry of Planning and Investment gave Vinamilk the green light to increase its interest in Maori-owned New Zealand dairy, Miraka Limited, to 19.3%.

Vinamilk, Vietnam's largest dairy processor, reported sales of 35.7tn Vietnamese Dong (US$1.66bn) and profit before tax of 7.6tn Vietnamese Dong (US$354m) for the year ended 31 December 2014.

Related topics: Business, Dairy

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