Australian food and beverages company Betta Milk has agreed to sell its Burnie milk processing assets and brands to agribusiness TasFoods Ltd. in an $11.5 million transaction.
The deal is expected to give TasFoods a significant growth opportunity and allow Betta to focus on its Hellyer's Road Distillery whisky business.
TasFoods said that the move represents the acquisition of a well-known Tasmanian brand that is highly complementary to its existing dairy brands.
Betta Milk also said that the sale of its milk division will provide it with the funds to grow and expand whisky operations to take advantage of emerging demand from Europe, Asia and the U.S.