The award, made at the 2012 New Zealand International Business Awards, reflected the company's ongoing commitment to excellence in business and, in particular, research and development, chief executive Rod Quin said.
"We recognise that innovation is an important means by which our company can add value to our customers as well as maximise returns to our shareholders.
"We strongly encourage a direct line of contact between multiple people in our business and our customers' organisations. This award is a fantastic reflection of our team's collaborative approach," he said.
After the deregulation of the New Zealand dairy industry in 2001, nearly all the dairy co-operatives amalgamated to create Fonterra, but Westland shareholders voted to remain an independent co-operative.
Celebrating its 75th year this year, it employs more than 360 staff between its two sites in Hokitika and Rolleston. Turnover totalled $525 million last year, with 515 million litres of milk collected at the farm gate.
The company sourced milk from more than 330 mostly West Coast farmer shareholders, with a growing shareholder base in Canterbury. About 85% of the company's products were exported to more than 40 countries.
The award's judges said investing in research and development was helping Westland Milk Products "turn great ideas into commercial realities".
"It tackles every new product development project, whether self-driven or at the request of its customers, with a clear sense of the product's potential in international markets."
The supreme award was won by Auckland-based healthcare information technology company Orion Health.
Other aware winners were.-
Best business operating internationally (under $10 million): Fastmount; best business operating internationally ($10 million to $50 million): Vista Entertainment Solutions; best business operating internationally (over $50 million): Orion Health; best commercialisation of intellectual property in international business: Everedge IP; best use of design in international business (joint winners): Sistema Plastics, Triodent; most innovative model in international business: Energy Mad; emerging leader in international business: Sarah Gibbs; outstanding international business leader: Neville Jordan.
