Yashili International Holdings Limited plans to invest CNY 1.1 billion (USD 175 million) to set up a milk processing facility in New Zealand. The company noted that its board of directors has approved the project plan to set up the processing facility. The facility will produce finished products and semi-finished products, including base milk powder.

It is expected to have a production capacity of about 52,000t annually and is likely to go onstream in the second half of 2014. Yashili New Zealand Dairy, a wholly owned subsidiary of Yashili International, will set up and operate the facility. Yashili International plans to invest CNY 950 million (USD 151.3 million) to acquire the land and construct the facility, and an additional CNY 150 million (USD 23.9 million) as working capital.