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PT Ultrajaya Milk Industry & Trading Company Tbk
Ultrajaya makes and sells shelf-stable UHT milk, juices, tea, and dairy foods, mostly for Indonesian households.
Ultrajaya is the company behind the milk and juice cartons that sit in millions of Indonesian kitchens. Its main job is turning fresh milk, fruit, and tea into drinks that can sit on a shelf for months without a fridge — a huge deal in a hot, sprawling country where cold storage is expensive and unreliable. Its best-known brand is Ultra Milk, and it also sells juices under Buavita and tea under Teh Kotak, along with dairy foods.
The trick is the packaging and the process. The company heats the drink to kill bacteria, then seals it in aseptic cartons that keep germs out, so the product stays fresh without refrigeration until you open it. That matters most in a country where many small shops, warungs, and roadside stalls have no fridge at all. A carton that survives the heat is a carton that can travel anywhere, and that's how Ultrajaya gets its drinks far beyond the big cities. It sells mostly at home, through supermarkets, convenience stores, and an army of small neighborhood shops. Competition is fierce: Indofood and its dairy arm, plus Frisian Flag and a long list of local and imported brands, all fight for the same shelf space and the same thirsty customer. Ultrajaya's edge is scale, a trusted brand built over decades, and control of its own production — it makes much of its own packaging and runs large manufacturing facilities, which helps keep costs down.
The company is a straightforward business: make drinks, sell them in enormous volumes, and keep a steady stream of cash coming in. In recent years that cash has gone toward paying dividends and growing the dairy business, which has rewarded long-term shareholders. The big risks are simple ones. Dairy prices swing with the cost of raw milk, sugar, and packaging, and consumers can switch brands if a cheaper carton shows up. But Ultrajaya has been doing this since the 1970s, and it remains one of the most familiar names in Indonesian daily life.
Saved answer · last researched 14 Nov 2026
BIG PICTURE
Ultrajaya controls 37.3% of Indonesia's milk market, and 53.9% of its tea and health drinks
- 37.3% Indonesia's milk market held by Ultrajaya
- 62.7% Milk market held by everyone else
Nielsen numbers from the end of 2025 put Ultrajaya behind more than a third of all the milk sold in Indonesia, and behind more than half of the tea and health drinks. That second figure matters because Ultrajaya's money mostly comes from shelf-stable drinks sold through ordinary shops across the islands, so a brand people reach for in a warung is the business. The planned tie-up with Frisian Flag would add another large milk brand to that shelf. Source: Nielsen, reported by Kaba Sumbar, data from 2025
Timeline
A Small Dairy Start in Bandung
Ultrajaya started in Bandung in the early 1970s, making dairy products with simple processing technology. At the time, fresh milk spoiled fast and could not travel far, so the business was limited by how quickly its product would go bad.
Ultra Milk and the Long-Life Carton
The company's answer to spoiling milk was a technology called UHT, which heats milk fast and seals it in aseptic cartons so it can sit on a shelf for months without a fridge. In 1975 it sold UHT liquid milk under the Ultra Milk brand, making it a pioneer of this product in Indonesia.
A Cheese Deal with Kraft
In the early 1980s, Ultrajaya signed a licensing agreement with Kraft General Food to produce and market Kraft cheese in Indonesia, later forming a joint venture and acting as exclusive distributor. The partnership lasted about two decades, until the company stopped distributing Kraft products in 2002 to focus on its own brands.
Ultrajaya Goes Public
In 1990, the company sold shares to the public and listed on the Indonesia Stock Exchange, giving it access to outside capital to grow.
Selling Buavita to Unilever
In 2008, Ultrajaya sold the Buavita and Go-Go trademarks to PT Unilever Indonesia and signed a manufacturing agreement to produce and package those UHT drinks for Unilever. This let the company shift its focus to its own core brands, such as Ultra Milk and Teh Kotak.
A Plan to Absorb Frisian Flag
In 2026, Ultrajaya planned a rights issue of billions of new shares to acquire 100% of PT Frisian Flag Indonesia, a deal worth around 14.57 trillion rupiah. FrieslandCampina would become the controlling shareholder, while Ultrajaya would stay listed and co-founder Sabana Prawirawidjaja would remain president director.