New Zealand’s dairy exporter Fonterra Co-operative Group said on Friday that it was selling its Soprole dairy operations in Chile to Peruvian firm Gloria Foods in multiple transaction worth about 591.07 billion Chilean pesos ($641.42 million).

The divestment is part of Fonterra’s renewed focus on bolstering its operations in New Zealand as it phases out its overseas milk pools, while reducing debt.

The process to hive off its Chilean operations, Soprole, began in April this year and will be conducted through “a number of transactions” involving sale of shares in a Fonterra holding company, the dairy exporter said.

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