Vinamilk extends global reach with U.S. dairy firm acquisition

By Thi Ha May 23, 2016 | 10:32 pm PT

Vietnam's largest dairy company Vinamilk has bought out the remaining shares in U.S. dairy and food company Driftwood Dairy after investing an additional $3 million.

Vinamilk recently announced that the Ministry of Planning and Investment had given it the go-ahead to increase its investment capital to $10 million in Driftwood Dairy and take full ownership.

vinamilk-extends-global-reach-with-us-dairy-firm-acquisition

Vinamilk has bought out American dairy and food company Driftwood Dairy. Photo by tienphong.vn

Vietnam’s largest joint stock company previously purchased a 70 percent stake in Driftwood Dairy in December 2014 for $7 million.

At its 2016 annual shareholders meeting, Vinamilk’s CEO Mai Kieu Lien said the company will continue with its mergers and acquisitions by investing in companies with new, quality products and modern technology. The chairwoman also underlined that the company will carefully consider any deals it chooses to engage in.

Driftwood Dairy is headquartered in California. The company specializes in producing and distributing dairy, fruit juice and fast food products. Driftwood also exports some of its products.