HONG KONG, Sept 29, 2016 - (ACN Newswire) - Ausnutria Dairy Corporation Ltd ("Ausnutria" or the "Company", together with its subsidiaries, the "Group"; stock code: 1717.HK), a dairy company which specializes in the manufacture and distribution of infant formula with production facilities based in the PRC and the Netherlands, is pleased to announce today that Ausnutria and Westland, the second largest dairy co-operative in New Zealand, will form a Joint Venture to establish a new manufacturing plant at Rolleston in New Zealand for the production and sale of dairy based powder products, including infant milk powder, follow-up formulation and other nutrition products for kids and adults (the "Business"). The new manufacturing plant is designed with an annual production capacity of 30,000 tons and expected to be completed at the end of 2017. According to the plan, the first phase of the manufacturing plant is equipped with an annual production capacity of 15,000 tons.

Taking into account the amount of capital to be invested and the provision of the Shareholder Loan to the Joint Venture, total investment by Ausnutria in the Business is up to NZD36.5 million (equivalent to approximately RMB177.0 million).

Ausnutria China, an indirect wholly-owned subsidiary of the Company, and Westland entered into the Joint Venture Agreement for the purpose of establishing the Business in New Zealand. According to the agreement, Ausnutria China shall invest capital in the amount of  .  .  .  Continue to article