New Zealand dairy giant Fonterra has announced a $165 million investment in manufacturing plant upgrades in regional Victoria.
According to Fonterra, the bulk of the funding – $125 million – will be directed towards doubling the size of its primary cheese plant at Stanhope, which currently produces around 45,000 metric tonnes of cheese each year.
An additional three sites in regional Victoria will also benefit from the multi-million-dollar investment in infrastructure, with $7 million to be invested at the Darnum nutritionals plant in Gippsland, $13.5 million at Cobden and another $8.6 million at Dennington in Western Victoria.
Minister for Industry and Employment Ben Carroll said the investment will create an additional 500 million litres of processing capacity, allowing Victorian dairy farmers to grow their production and ensuring all farmers have a home for their milk.
“Victoria is Australia’s jobs and manufacturing powerhouse, and this investment cements that reputation,” the Minister said.
“This is a huge vote of confidence in our dairy industry from Fonterra, a world leader in Australia’s $2 billion consumer cheese industry.”
“Through peaks and troughs, we’ve supported our hardworking dairy farmers and will continue to invest in projects that help the industry continue to innovate and grow.”