Associated British Foods, a British multinational food processing and retailing company, agreed to acquire National Milk Records, a dairy products manufacturer, for £48m. "I am pleased to announce ABF's intention to acquire NMR. ABF's and AB Agri’s status within the UK agricultural sector and expertise in the dairy industry will provide a significant benefit to NMR’s customers. The backing of ABF will accelerate and de-risk NMR’s ability to deliver its strategic objectives, streamlining industry processes by creating a holistic business that can provide end-to-end data and analysis to ensure the long term sustainability, efficiency and profitability of UK dairy. The NMR team looks forward to working as part of ABF and AB Agri to further position NMR as a leading player at the centre of the UK dairy industry," Trevor Lloyd, National Milk Records Chairman.