Fonterra has finalised the sale of its Australian yoghurt and dairy desserts business to Parmalat Australia.

First announced in December 2015, the sale includes Fonterra’s manufacturing sites at Tamar Valley in Tasmania and Echuca in Victoria, as well as its Australian yoghurt and dairy dessert brands, Tamar Valley and Ski.

New Zealand-based Fonterra said in December the sale was part of its plan to return the co-operative’s Australian business to “strong and sustainable profitability”.

Following the sale Fonterra said it would continue to invest in key brands and categories including Western Star butter and Perfect Italiano, Mainland and Bega cheeses, Anchor cream, and fresh milk.

Parmalat’s brands include Pauls, Vaalia, Ice Break, Oak, Breaka, Lemnos, President and Galbani.

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