Dairy co-operative Fonterra has sold its half share in a United States-based cheese-making joint venture for $196 million.
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Its interest in DairiConcepts has been sold to the other partner Dairy Farmers of America.
The joint venture, which operates eight factories making specialty cheeses and other dairy ingredients, was formed in 2000 as part of Fonterra's international expansion into the high value consumer food products.
The joint venture was no longer considered core business, it said.
Its cost cutting programme, which has slashed more than 800 jobs, was expected to deliver $340 million worth of savings this year, Fonterra said earlier this year.