Kirin Holdings mulls sale of Lion Dairy and Drinks business
Japanese beer and beverage maker, Kirin Holdings Co. Ltd., is considering selling its Australian Lion Dairy and Drinks (LDD) unit, as the company conducts a strategic review of the business.
Lion Dairy and Drinks produces products in the milk, dairy, beverages, cheese, yoghurt, juice and soy market segments.
The unit's brands include PURA milk, Big M flavoured milk and plant-based milk Vitasoy.
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According to the statement, Lion Dairy and Drinks has delivered “significant improvements to profitability” since the launch of its ‘Turnaround Programme’ in 2014.
“Having delivered this improved business performance and re-positioned the business for growth, It is appropriate at this point in time to consider the best pathway forward to maximise its sustainable growth potential for the future,” Kirin said in a statement.
Employing approximately 6,700 people across Australia and New Zealand, the Kirin subsidiary Lion, is one of Australia’s largest food and beverage companies
The Japanese company said it would consider all potential options for the dairy and beverage unit including retaining and investing in the business or a sale.
Last year, Kirin Holdings sold its Brazilian beer business to Heineken for SU$1.09 bn.