The majority Russian owner of New Zealand Dairies, situated at Studholme, has bought the dairy company outright.
Nutritek Group announced last week it had bought the outstanding 18% of the company it did not own, from three remaining shareholders, after having invested in what was then a cash-strapped company two years ago.
The three last shareholders have been in dispute with Nutritek over the purchase of their shares.
Nutritek chief executive Jim Dwyer said, in a statement, the company had intended to complete the buyout as part of a long-term investment in New Zealand.
"Our focus is on the future.
"Our suppliers produce the best milk in the world and we want to turn that into the best nutritional baby products in the world," Mr Dwyer said.
The Studholme factory produces milk powder, which is used in infant formula.
Mr Dwyer said the financial crisis had also delayed the completion of the transaction.
Nutritek was a leading Russian-based dairy processor, but rising raw milk prices saw it sell its dairy and agricultural operations in Russia to concentrate on baby food production in Asia and Eastern Europe.
According to media reports, Nutritek was founded in 1990 and has grown to be one of the largest baby food manufacturers in the world.
In the last financial year, it sold 204,000 tonnes of baby food and dairy products, down from 234,000 a year earlier, and earned revenue of $NZ508 million, down 1.7%.
Revenue from the dairy products sales dropped 25% but baby food s
