PARIS, July 18 (Xinhua) -- French food giant Danone on Friday said it was buying 40 percent stake of Kenyan top dairy producer Brookside to harness more business opportunities in new markets.
"This partnership will significantly enhance the platform Danone is currently building in Africa. It is effective from today," Danone said in a statement posted on its website, without giving accurate figures on the value of the deal.
Under the business deal with Brookside, which had 2013 sales of around 130 million euros (175.79 million U.S. dollars) and has a share of about 40 percent of the Kenyan dairy market, offers the French group access to a wide milk collection network in East Africa with over 140,000 farmers and a distribution network of more than 200,000 outlets.
"By uniting Danone's international expertise in Fresh Dairy Products with Brookside's regional expertise and robust supply chain, the partnership will enable Brookside's growth acceleration by expanding its product portfolio and strengthening its geographical presence in key markets in the East African region, including Uganda and Tanzania," the French leading food processing company said.
In 2013, Danone sales were worth 21 billion euros with more than 60 percent in emerging markets. (1 euro = 1.35 U.S. dollars)