The acquisition was made through Omiros Dairies Cyprus, marking the group’s first production facility outside Greece.
This move follows the demerger of Hindustan Unilever’s (HUL) ice cream business into a standalone entity, Kwality Wall’s (India) Ltd (KWIL).
This move comes after New Zealand-based Fonterra announced that it would explore full or partial divestment options for ‘some or all’ of its global consumer business.
The merger aims to strengthen the competitive position of both cooperatives in a challenging global market.
The financial terms of the deal have not been disclosed.