Chobani maker Agro Farma eyeing expansion

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July 8, 2011

By Tom Grace Cooperstown News Bureau The Daily Star Fri Jul 08, 2011, 08:59 AM EDT

SOUTH EDMESTON _ Agro Farma continues to grow quickly, here and abroad.

Founded in 2005 by Hamdi Ulukaya, the firm's Greek-style yogurt, Chobani, is now the nation's leading brand. In the past year, it has sold about $500 million worth of yogurt, a more than 200 percent year-to-year increase, the Wall Street Journal reported this week.

In the last week, Agro Farma announced it has received about $18 million in federal new market tax credits to expand locally and has acquired a large Australian dairy manufacturer and distributor, Beads Foods, to expand globally.

The tax credits were approved by the Empire State New Markets Corp., a state financing agency, "to support possible expansion plans at Agro Farma's South Edmeston production facility," company spokeswoman Nikki Briggs said in a statement released Thursday.

ESNMC spokeswoman Lisa Willner said: "The project is anticipated to retain 386 existing and create 450 new full-time permanent jobs. Total project cost is $90 million."

In an email sent to The Daily Star on Thursday, Willner wrote, "The ... board approved the authorization of an allocation of up to $18 million in federal New Market Tax Credits (NMTCs) to be used for a portion of the cost associated with the acquisition and installation of new machinery and equipment."

Briggs wrote that the allocation "is expected to amount to just over $3 million post taxes."

In a statement issued by the company, Ulukaya said,"While we're still exploring the financial feasibility of breaking ground on such a major expansion effort, Agro Farma greatly appreciates the ESNMC's support. We're also working closely with other constituents to make this project a reality."

In a telephone interview Thursday, Briggs said Agro Farma, which is headquartered in Norwich, still produces all of its yogurt in South Edmeston. Trucks were lined up there at mid-day taking on loads from the firm's new 160,000-square-foot refrigerated warehouse, ready to haul yogurt around the nation.

"We have almost 700 employees now," she said.

Rob Robinson, president and CEO of the Otsego Chamber, said Thursday that Agro Farma has become a regional economic force.

"People are driving to work there from as far away as Binghamton," he said. "Agro Farma is creating jobs, which is great, and if they sustain this growth, they're going to improve our real estate market, too," he said. "People won't drive that far forever. Eventually, they're going to move nearer their jobs; they'll become home buyers here."

Last week, Agro Farma also announced its acquisition of Beads Foods. In a statement issued by the company, Ulukaya said, "Our goal is to grow the yogurt category in Australia. We've fallen in love with the country's beauty and residents, who've treated us with great hospitality, and we're excited to bring them more great options to choose from."

Beads markets dairy products under the Gippsland label, a familiar name that will be retained, according to a statement from Agro Farma.

Beads sells its products in Australia and in "select South East Asian markets," the statement said.

Founded in 2001, Beads Foods is now a wholly owned subsidiary of the local company.