The deal, financial terms of which were not disclosed, will give GraceKennedy 100 per cent ownership of DJIL, ending a near three-decade formal joint venture with the Australasian dairy giant. The companies have been managing partners in the venture since the 1980s, with their partnership formally governed by an agreement from 1996.

Frank James, Group Chief Executive of GraceKennedy, said the acquisition reflects the strategic value and consistent performance of the dairy manufacturer. “This move positions us to build on this momentum, scale the business further, and deepen our leadership in the dairy segment,” he said.

Andrea Coy, Chief Executive of GraceKennedy Foods, noted that while her company would assume full ownership, the commercial relationship with Fonterra would continue. “The partnership has delivered significant value over many years and we look forward to continuing to work with Fonterra in areas of mutual commercial interest,” Coy said.

Founded in 1964, DJIL began processing cheese in 1968 and holds a distinctive position in the regional market. It is the only manufacturer in Jamaica and the wider Caribbean that produces processed cheese in a can, under its flagship Tastee Cheese brand.

Its product portfolio, catering to local and regional markets, also includes vacuum-packed cheese and cheese spreads under the Tastee name, yogurt sold under the “This Is Really Great” brand, and Anchor brand powdered milk.

GraceKennedy, a diversified group with interests in food and financial services, stated the transaction is pending completion of customary closing conditions.