China's Bright Dairy and Australia's Pactum Dairy Group reportedly signed a strategic cooperation agreement in Sanya, Hainan.
Bright Dairy's General Manager Guo Benheng and Pactum Group's Chairman Rory Macleod attended the signing ceremony. The cooperation also apparently received support from the governments of China and Australia.
Bright Dairy has been implementing its comprehensive strategy and accelerating its international expansion in recent years. Following the acquisition of Synlait Milk in New Zealand in 2011, the company has now teamed with Pactum Dairy Group.
Pactum recently invested USD45 million in the establishment of new UHT dairy drink equipment in Australia which aims to provide high value-added dairy drinks to major customers in China and Southeast Asia. This is also the most important content in the strategic cooperation agreement of Bright Dairy and Pactum.
According to Guo, the cooperation with Pactum is an important step for Bright Dairy's global resource deployment and worldwide market expansion. However Guo did not reveal financial terms of the deal.