Australian Fresh Milk Holdings has completed the purchase of the Coomboona dairy farm, ending Harvey Norman’s disastrous association with the dairy sector.
ASX-listed Freedom Foods says Australian Fresh Milk Holdings, in which it owns a 10 per cent stake, has bought the operation in Northern Victoria.
Freedom Foods contributed $4.6 million to the purchase in accordance with its stake.
Harvey Norman lost millions on the venture, which was initiated by Mr Harvey and went into receivership in March last year.
‘The Coomboona Dairy operation will expand AFMH’s production platform in a renowned dairy farming region, providing the opportunity to leverage its integrated approach to deliver sustainable production of high quality milk, supporting a range of value added product opportunities,’ Freedom Foods said in a statement.
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‘With the acquisition of the Coomboona Dairy operation, AFMH will be the largest dairy producer in Australia with current operations forecasting to produce more than 150 million litres in 2019.’