December 11, 2012
Pengxin buys over New Zealand dairy farms
Shanghai Pengxin Group has purchased 16 dairy farms in New Zealand.
The 16 farms are spread over an area of about 8,000 hectares and have 16,000 dairy cows.
The alliance, formed by Pengxin New Zealand Farm Group, a subsidiary of Pengxin Group, and the New Zealand government-owned Landcorp Farming will manage the acquired assets.
Initially, Fonterra will purchase the milk products manufactured from the dairy farms, but the company is planning to produce and sell milk-based consumer products in China.
