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Waikato's newest milk processor says Covid-19 has slowed progress on the $280 million project.
Happy Valley Nutrition (HVN) is now hoping to receive first milk for processing in July 2022.
The ASX-listed company is in the process of developing a vertically integrated, nutritional grade milk processing, blending and packaging plant for infant milk formula and other nutritional products in Otorohanga.
HVN chief executive Greg Wood says while the global Covid-19 lockdown had understandably slowed the company’s progress, it did serve to highlight a growing demand for the manufacture and supply of safe, secure nutritional ingredients.
“New Zealand’s handling of the pandemic and status as a safe and dependable country with first-rate biosecurity has resulted in potential customers assessing their supply chains and looking to New Zealand.
“These insights and other evolving market signals have further strengthened the business case for HVN and we are very well-positioned to take advantage.”
HVN still plans to develop a single dryer facility with the site master-planned to allow for the addition of an extra drier as well as a blending and canning plant.
“By progressively adding these components we will be well positioned to reach our vision of becoming a trusted business-to-business supplier of consumer ready IMF and other nutritional products derived primarily from A2 and organic milk.”
An independent economic report stated that once the plant was operational the Waikato/King Country would see an incremental GDP increase of over $100 million annually, the equivalent of a total of 185 full-time jobs in the area.
“HVN is proud to sit at the forefront of a movement which will drive greater business opportunities locally, provide new opportunities for people in the Otorohanga area, and support local services,” Wood said.
“We look forward to continuing to work with the community and all stakeholders to create an enduring legacy for all our stakeholders through the production and delivery of safe, nutritious, premium New Zealand milk products to the world.
“We’re not just a milk company, we’re a nutrition company and our vision remains to become a trusted supplier of consumer ready IMF and other nutritional products primarily using A2 and organic milk.
“We are tracking well and our team have made meaningful progress towards maintaining the ability for us to achieve first milk from July 2022.”
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