Fonterra has finalised the sale of its Australian yoghurt and dairy desserts business to Parmalat Australia.
The company said in a statement that all conditions and regulatory requirements of the sale, which was announced in December last year, have been met.
The sale includes manufacturing sites at Tamar Valley and Echuca as well as its Australian yoghurt and dairy dessert brands.
The company said the sale is part of a comprehensive plan to return the Australian business to strong and sustainable profitability.
Announcing the sale in December, Chief Executive Theo Spierings said these changes were the result of driving a clear strategic plan to transform the Australian business to deliver stronger returns to farmer shareholders and unit holders.