INDEPENDENT dairy processor United Dairy Power (UDP) is to be sold to a Chinese buyer.
Company founder and owner Tony Esposito confirmed this morning that he has entered into agreement with Hong Kong based William Hui, a private Hong Kong-based business.
UDP has a head office in South Melbourne and processing facilities in Poowong in Gippsland and Murray Bridge and Jervois in South Australia).
The business will continue to be managed by the current senior management team, led by Mark Smith who will be assuming the position of chief executive.
UDP has about 50 suppliers in the south-west.