Vinamilk wants to take over U.S. milk firm

Vinamilk wants to take over U.S. milk firm

Besides the increase of capital investment in Miraka of New Zealand to above 19.3 percent, Vinamilk Board of Directors also approved the acquisition of the California-based Driftwood Dairy Company, which was founded in 1920.

According to the Management Report of the first half of 2013 of the Vietnam Dairy Products Joint Stock Company (Vinamilk), this company issued a resolution on the selection of its commercial representative in the United States in its meeting on May 3, 2013.

Driftwood is a U.S. dairy company based in California, founded in 1920, manufacturing butter, juices, salads, ice cream and bread. Its major customers are schools, hotels, hospitals, supermarkets, restaurants and offices.

Previously, Vinamilk invested in Miraka Limited in New Zealand. This is its first overseas project, with 19.3 percent of capital.

With chartered capital of nearly VND8.34 trillion, Vinamilk planed to pay VND1.67 trillion of dividend in 2013. At a meeting in April 2013, Vinamilk approved the plan to pay 34 percent of dividend in cash.

After the first half of 2013, Vinamilk’s total assets increased by six percent, to VND21 trillion, its net sales up by 14 percent and its net profit rose by 22 percent to VND3.347 triillion year on year. Its EPS was VND4.015 in this period.

vietnamnet