Dairy firm Fonterra has announced the divestment of its Chilean Soprole business.
According to the company’s press release, the business was sold for about CLP $591.07 billion ($638.51 million) to dairy firm Gloria Foods. The decision to sell was made in April 2022, after the company released Fronterra’s strategy to 2030.
Fonterra CEO, Miles Hurrell, commented the deal: “A key pillar of our strategy is to focus on New Zealand milk. Soprole is a very good business but does not rely on New Zealand milk or expertise. We are now at the end of the divestment process and have agreed to sell Soprole to Gloria Foods – JORB S.A. (Gloria Foods)”.
Gloria Foods is a dairy market leader in Peru, with operations in Bolivia, Puerto Rico, Argentina, Colombia and Uruguay.