Stonyfield makes purchase in Europe
Stonyfield Farm Inc., the New Hampshire maker of organic yogurt, smoothies, ice cream, and milk, is going global.
In partnership with Groupe Danone, the French dairy giant, Stonyfield today said it formed Stonyfield Europe and made its first European purchase -- a 37 percent interest in Glenisk, an organic dairy based in Ireland. Terms of the deal were not disclosed.
The US is experiencing a shortage of organic milk, which has exploded in popularity among consumers. In December, Stonyfield pledged $200,000 to the University of New Hampshire for organic milk research while in recent months, New England dairy farmers have been bolstered by grandiose signing bonuses from milk distributors in exchange for agreeing to produce more organic product.
Stonyfield controls a 20 percent interest in Stonyfield Europe, while Danone owns the remaining 80 percent.
Glenisk was established in 1987 by the Cleary family, which runs Tullamore Dairies and the Cleary Family Farm in County Offaly in central Ireland.
Stonyfield, based in Londonderry, is privately held but says it expects to post revenue of $250 million in 2006. The much larger Groupe Danone posted sales of $16 billion in 2005. Its products include Dannon yogurts and Evian water.
(By Keith Reed, Globe staff)
