ADF said its board believed a move to convert its six Western District farms to organic milk production were the first steps in making the company a “major player in producing and distributing organic premium quality branded food products”.
The company is particularly eyeing off the organic infant formula market.
“This is a high value-added market with major barriers to entry and sparse competition,” ADF chief executive Peter Skene said.
“While a vertically integrated and efficient producer currently, the company has a modest market share in the conventional milk market.
“The board believes the company’s best prospects lie with moving up the value chain to be a highly profitable manufacturer of these specialty products.”
Shares in the company skyrocketed from last Friday’s close on the Australian Securities Exchange of 11 cents to 25 cents this morning.
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