National Foods to build Soy Beverage Plant

National Foods Ltd. has announced that it will build a new soy beverage plant at Wodonga in northern Victoria, Australia.

"Construction of the $25 million plant will commence in mid-March and will take 12 months to become operational," said managing director Max Ould. "Up to 48 new jobs will be created over the next five years,"

The plant will produce fresh and long-life soy beverages under the Vitasoy brand. The project is part of the joint venture between National Foods and Vitasoy International Holdings Ltd. of Hong Kong which was announced in November 1999.

The Australian soy beverage market is around $120 million at the moment and growing by 10 to 15% per year. Vitasoy branded imported UHT products currently hold the No. 2 position in the market.

"It's a new and fast growing industry," said Ould. "The market is growing quickly with many people preferring to drink soy beverages."

As well as supplying the Australian market the plant will have the capability to build exports throughout the region.

This investment complements National Foods' other major investments in Victoria which include a dairy foods plant at Morwell and a fresh milk plant at Chelsea Heights. The company is also building a cream plant at Chelsea Heights.

National Foods Limited is Australia's largest publicly listed dairy company, with milk and dairy foods brands such as Pura, Yoplait, Fruche, Farmers Union, YoGo and Masters.

Edited by Scott Hegenbart