3 days ago
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GraceKennedy Ltd (GK), the Jamaica-based food and finance conglomerate, has taken full control of Dairy Industries Jamaica Limited (DIJL), the maker of the iconic Tastee Cheese brand.
GK will acquire the company from New Zealand-based Fonterra Co-operative Group for an undisclosed sum.
The deal ends a decades-long joint venture between GraceKennedy and Fonterra, which had managed DIJL under a 50-50 partnership since 1996. DIJL, founded in 1964, is the only manufacturer in Jamaica and the wider Caribbean producing processed cheese in a can – a product that has become a staple of Jamaican households, particularly during the Christmas season.
Frank James, Group CEO of GraceKennedy, said the acquisition underscores DIJL’s strategic value.
“Dairy Industries has delivered consistent growth and profitability over the years, supported by a strong culture of innovation, an expanded product portfolio, and growing its export markets. This move positions us to build on this momentum, scale the business further, and deepen our leadership in the dairy segment, while continuing to deliver the high-quality products that Jamaican consumers, both here and abroad, know and trust,” James said.
Andrea Coy, CEO of GraceKennedy Foods, added that while GK will assume full ownership, its commercial relationship with Fonterra will continue. “The partnership has delivered significant value over many years and GK looks forward to continuing to work with Fonterra in areas of mutual commercial interest,” she said.
Beyond Tastee Cheese, DIJL produces cheese spreads, yoghurt, and powdered milk for local and regional markets. The acquisition comes as the global cheese market is projected to expand from US$163.8 billion in 2025 to US$210.2 billion by 2030, according to Mordor Intelligence, reflecting a compound annual growth rate of 4.9 per cent.
For GK, which has diversified interests spanning banking, insurance, and food distribution, the buyout strengthens its foothold in Jamaica’s dairy sector while positioning it to capture a larger share of export growth. For consumers, the deal secures continuity of one of the island’s most recognisable brands, even as global dairy markets grow more competitive.
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