Crediton Dairy, which has an annual processing capacity of around 200m litres, currently manufactures a variety of products including long-life milk, long-life cream, functional and flavoured dairy drinks and fresh bulk cream.
The sale of Crediton Dairy was a condition required by the EC when giving approval for the merger of Arla and Milk in 2012.
The remedy related to concerns about a reduction of competition in the UK long-life milk market.
Commenting, Crediton Dairy managing director, Tim Smiddy – a former executive at Milk Link – said that the company has plans for a number of new product developments (NPDs).
“Having obtained European Commission approval and completed the acquisition we can now progress our plants for the development of the business," said Smiddy.
“We believe that Crediton has strong growth potential based upon its self-contained, well invested manufacturing facility; growing customer case; established range of products and brands; and skilled and committed workforce," he added.