US-based Stonyfield has been a success in the organic dairy industry of Europe. Following it, and perhaps been encouraged by it, the leading US organic dairy firm has joined hands with Danone to give birth to a European subsidiary.
80 per cent of the newly created Stonyfield Europe is owned by the Paris-based Danone and the remaining 20 per cent of it is owned by the US Stonyfield Farm. Stonyfield Farm chief executive officer, Gary Hirshberg, the aim of the new venture is to help the family-owned Irish firm Glensik increase its capacity of education activities of production and marketing.
The French food giant will be investing $66m (€51.9m) into the Stonyfield plant in New Hampshire, US. The investment will be made for increasing the capacity of production, to enable it to cope with tits new export market.
Via: Food Navigator
