Kirin to sell Australian dairy unit to China’s Mengniu for AU$600 mil.
SYDNEY, NNA – Major Japanese brewery Kirin Holdings Co. will sell its Australian dairy and drink arm to China Mengniu Dairy Co. for 600 million Australian dollars ($407 million) as the Japanese group reorganizes its beer and alcoholic beverage businesses in Australia and New Zealand.
Kirin said Monday that Kirin Foods Australia Holdings Pty Ltd., a 100 percent subsidiary of Lion Pty Ltd., which oversees Kirin’s beverage business in Oceania, has sealed the deal to sell Lion-Dairy & Drinks Pty Ltd., Lion’s beverage unit, to Monday Smoothie Pty Ltd., a subsidiary of the major Chinese dairy maker.
The divestment includes white milk, milk-based beverages, yoghurt, juice and ice. The share transfer is expected to be completed in the first half of 2020 following regulatory approval, Kirin said in a statement.
On Oct. 28, Lion, a wholly owned unit of Kirin Holdings, completed the sale procedures for its cheese business under Lion-Dairy & Drinks to Saputo Dairy Australia Pty Ltd., a local unit of Canadian dairy maker Saputo Inc., the Tokyo-based company said.