New Zealand-based pastoral farming company Pāmu is taking a 35 percent stake in a $32 million specialist spray drying facility to develop sheep milk and other specialty powders for the Chinese market.
The investment is occurring through newly constituted Melody Dairies, in which Pāmu, formerly known as Landcorp, has a 35 percent stake.
Pāmu will primarily use the dryer for its push into new products based on sheep milk powders through its 50 percent-owned Spring Sheep venture.
The company is funding its $11 million commitment to the facility through existing balance sheet capacity. Construction scheduled to start this month and production next November.