26 May, 2008 – Australian company TimberCorp has announced it has set up a multi-million dollar investment fund to acquire dairy operations in Australia and New Zealand.
The agribusiness investment firm, which until now had limited its interests to forestry and horticulture ventures, said it has set aside AUS$150 million (EUR 91.3 million) to buy land and assets because of high global dairy prices.
Timbercorp’s Michael Worthington was reported as saying: “We know that Australia is a very competitive producer," he said.
"And we also know that the demand for milk products is very strong and continues to grow, particularly now that world stock piles are probably at record lows.
"We just believe that, medium to long term, this is a sector that has a great deal of attraction."