Mitsubishi buys 24 percent stake in Tasmanian dairy

Japanese conglomwerate Misubish has purchased 24% of Tasmanian Dairy Products, owned by Australian company Murray Goldburn. The sale will leave Murray Goldburn as the largest shareholder at 56%. TDP is a $75 million dairy processing joint venture at Smithton in north-west Tasmania that plans to process around 250 million litres of milk into dairy food ingredients.

Chairman of Tasmanian Dairy Products Robert Poole says the investment by Mitsubishi will open up the Japanese market and is a sign of strength for the Smithton plant.

However, more milk is needed for the plant, which is on target to be producing milk products later in the year, the chairman notes.