German dairy cooperative DMK Group (DMK) has strengthened its presence in the Russian market with the acquisition of the remaining 40% stake in IKAM RichArt Holding.

With the acquisition, DMK Deutsches Milchkontor has become the single stakeholder of the Russian cheese manufacturer RichArt Group, based in the Voronezh region.

Financial details of the transaction have not been disclosed.

The German dairy company acquired a significant stake in the RichArt Group during the second half of 2016.

Earlier this week, the supervisory board of DMK Deutsches Milchkontor agreed to the purchase of the remaining stake with immediate effect.

"In focusing our business and expanding further into defined international markets, we are aiming to significantly increase the DMK Group’s value creation on the home and international fronts."

Last year, the Russian cheese manufacturer is reported to have significantly increased its sales volume and is planning to further expand its branded products this year, since a large share of the revenue is generated from this sector.

DMK Group CEO Ingo Müller said: “In focusing our business and expanding further into defined international markets, we are aiming to significantly increase the DMK Group’s value creation on the home and international fronts. Because of the Russian RichArt Group’s positive growth, we are going to increase our stake to 100%.”

Headquartered in Zeven, Lower Saxony, DMK has been offering its products to retailers, food manufacturers and bulk consumers.

Currently, DMK is present in more than 100 countries and distributes its products under various brands including MILRAM, Osterland, Oldenburger, Rose, Humana, Casarelli, Intact, sanotact, hansal, and NORMI.

It sells basic milk products, cheese, and dairy ingredients that are produced for the manufacturing of baby food, ice cream, and health products.