KINGSTON, Jamaica — In a landmark corporate maneuver, Jamaican conglomerate GraceKennedy has finalized an agreement to purchase New Zealand-based Fonterra Co-operative Group’s entire stake in Dairy Industries (Jamaica) Ltd (DJIL). This acquisition grants GraceKennedy complete, 100 percent ownership of the manufacturer responsible for Jamaica’s iconic Tastee Cheese brand, effectively concluding a nearly three-decade formal joint venture between the two entities.
While specific financial details remain confidential, this transaction represents a significant consolidation of local ownership over a pivotal segment of Jamaica’s food industry. The commercial relationship between GraceKennedy and Fonterra dates back to the 1980s, with their partnership formally structured under a joint venture agreement established in 1996.
Frank James, Group Chief Executive Officer of GraceKennedy, emphasized the strategic importance of this acquisition. He stated that the move is a direct reflection of DJIL’s consistent performance and substantial market value. “This strategic acquisition enables us to capitalize on existing momentum, accelerate business expansion, and reinforce our dominant position within the dairy sector,” James commented.
Andrea Coy, Chief Executive of GraceKennedy Foods, provided further insight, clarifying that while ownership is transitioning entirely to GraceKennedy, the company intends to maintain its commercial ties with Fonterra. Coy acknowledged the long-standing partnership’s success, noting, “This collaboration has generated immense value over many years. We anticipate continued cooperation with Fonterra in areas where mutual commercial benefits exist.”
DJIL, established in 1964, commenced its cheese processing operations in 1968 and has since carved out a unique niche in the Caribbean market. It holds the distinction of being the sole manufacturer in Jamaica and the broader Caribbean region that produces canned processed cheese, primarily under its flagship Tastee Cheese label.
The company’s diverse product range, which services both local and regional consumers, extends beyond canned cheese to include vacuum-sealed cheese and cheese spreads under the Tastee brand, yogurt marketed under the “This Is Really Great” brand, and Anchor brand powdered milk.
GraceKennedy, a diversified multinational with extensive interests in food production and financial services, has indicated that the transaction’s finalization is now subject to the satisfactory completion of standard closing conditions customary for deals of this nature.