ASX-listed Halo Food Co. Limited announced that its wholly owned subsidiary Keytone Enterprises has signed a multi-million-dollar deal with Fonterra to manufacture milk powder stock keeping units (SKUs).
Under the agreement, Keytone will manufacture nine milk powder SKUs for Fonterra, which will be distributed in multiple countries including China, India, Vietnam, and New Zealand.
In particular, Fonterra has valued the agreement at NZD 6.4 million (AUD 5.9 million) over the two-year contract term, with an option to renew once complete.
The products will be manufactured in Halo’s New Zealand facilities, Halo Food revealed in an ASX announcement.
“This is a fantastic accolade for Halo’s New Zealand business and a testament to the quality and credentials of the New Zealand team and facility we have in place,” Halo CEO Jourdan Thompson said.
“Fonterra is a leading global player in the dairy sector, and we are proud to have been chosen to work closely alongside them as they grow their brands internationally,” the CEO added.
Halo Food Co shares were up 9.09 per cent to 1.2 cents at 1:14 pm AEST.
Based in Sydney and Melbourne, Australia and Christchurch, New Zealand, Halo Food Co. Limited is a brand owner, manufacturer and exporter of formulated health and wellness products.
Halo Food Co. develops and manufactures health and wellness products, such as dry powder, ready-to-drink UHT and protein bar health and wellness-based product capability.
The ASX-listed company said it has purpose-built production facilities in Australia and New Zealand that offer a wide range of dairy, health and wellness and nutritional packing solutions, meeting the diverse needs of consumers from different markets and cultures.
