Yoghurt business skimmed

MELBOURNE - Australian dairy group National Foods has expanded into the New Zealand dairy market with the acquisition of the New Zealand Yoplait business.

National Foods is acquiring the Yoplait licence and the production facilities and business assets of International Fine Foods for approximately $18.5 million, representing 5.6 times historical earnings before interest and tax.

"The move complements the Yoplait licences that National Foods already holds in Australia, Singapore and Hong Kong and first rights of refusal for a number of other Asian countries," National Foods said.

"National Foods aims to become the leading Yoplait franchisee in the region."-NZPA