Maeil Dairies Australia has invested A$13.5 million to acquire Corio Bay Dairy Group's partially built dairy processing facility in Geelong, Victoria.
Maeil Dairies Australia is a subsidiary of Maeil Dairies, one of Korea's leading dairy and food companies. This is Maeil Dairies' first investment in a manufacturing site outside of Korea.
Construction of the facility stopped in 2020 due to COVID-19-related difficulties. Despite not being able to inspect the facility in person prior to its investment, Maeil Dairies will provide a minimum A$18 million to complete the build and fit-out of the processing facility.
The investment is a significant outcome for Geelong and the broader farming community in Victoria. The build will create more than 150 construction jobs. The investment also created five initial jobs, with additional roles expected to emerge once the facility is operational.
Maeil Dairies plans to use the Geelong site as a base to expand the company's Australian footprint and launch into new Asian markets. This will provide local dairy farmers with more supply options.
Austrade has worked with Maeil Dairies for over four years. For this investment, Austrade provided Maeil Dairies with insights into the opportunities in the Australian dairy industry, as well as advice on Foreign Investment Review Board processes.
Maeil Dairies has imported dairy ingredients such as cheese and milk powder from Australia for many years. The company also has a coffee franchise business partnering with Paul Bassett, a world champion barista from Australia.
