Drink-maker Vitasoy International Holdings plans to set up a $120 million joint venture with National Foods, one of Australia's top three dairy firms, in a move to expand further into the country. The joint venture will be responsible for manufacturing, marketing and distributing soya bean drinks in Australia under the Vitasoy label. Vitasoy will control 51 per cent of the venture and its partner the rest. Vitasoy executive chairman Winston Lo Yau-lai said: 'Our aim is to increase market share through National Foods' strong nationwide distribution network.' National Foods sells dairy products such as Yoplait yogurt. Mr Lo said the respective companies' capital investments would be financed by internal resources and bank borrowings. He said a co-operative agreement would be signed soon. Under the plan, a factory will be built in Australia with production expected to start in 12 months. Vitasoy currently exports soya bean milk to Australia. JOINT VENTURES
