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Yili's takeover of Westland, the second-largest dairy enterprise in New Zealand, creates a ‘dairy silk road’ between Asia and NZ, says Yili Group chief executive Jianqiu Zhang.
Former Westland Milk chairman Pete Morrison says Yili’s new ownership represents a significant milestone for the former co-op and the start of a new era for the dairy industry on the West Coast.
Chinese dairy giant Yili says it will respect all contractual obligations to pay current and former milk suppliers of Westland Milk.
Westland Milk Products’ sale to Chinese interests is an ironic end to the co-op, which last August was named New Zealand’s 2018 Cooperative Business of the Year.
Westland Milk Products shareholders voted overwhelmingly last Thursday to sell their co-op to Chinese dairy giant Yili.
Chinese dairy company Yili has thanked Westland Milk shareholders for their faith shown in allowing it to become custodians of one of New Zealand’s most trusted brands.
Corporate farmer Southern Pastures, Westland Milk Products’ largest shareholder and milk supplier, says it will abstain from voting on the proposed takeover offer by Chinese giant Yili.