Fonterra recognizes high-performing farmers in new sustainability approach

NEW ZEALAND – The leading New Zealand’s dairy co-operative, Fonterra has unveiled a new sustainability approach which recognises farmers who strive to produce high-quality milk sustainably. Fonterra says the new approach will help equip farmers with knowledge of what is expected ‘today and in the future’ while putting sustainability at the forefront. This will enable…

Fonterra returns to profitability with 2% rise in sales volume, to sell DFE Pharma stake

NEW ZEALAND – The New Zealand dairy co-operative, Fonterra has reported a net profit after tax of US$54.7 million (NZD 80 million), up 123% boosted by increase in sales volume. In the six months ended January 31, revenue dropped 1% to US$6.63 billion (NZD 9.7 billion), impacted by the Consumer and Foodservice Gross Margin which…

Fonterra appoints Judith Swales as head of Global Consumer and Foodservice

NEW ZEALAND – The New Zealand dairy giant, Fonterra has appointed Judith Swales as the company Chief Operating Officer, Global Consumer and Foodservice effective immediately. Judith Swales was appointed to the role in acting capacity earlier this year after the former COO, Lukas Paravicini announced his intentions to resign from the cooperative in November 2018.…

Fonterra appoints Miles Hurrell as Chief Executive Officer

NEW ZEALAND – Dairy giant Fonterra has named Miles Hurrell as the company’s new Chief Executive Officer with immediate effect, after serving in the position as interim since August last year. During his tenure as interim CEO, Hurrell has been hailed to have demonstrated strong leadership and commercial skills in the co-operative, which is a…

Fonterra backs Motif Ingredients in US$90m funding, considers complementary nutrition

NEW ZEALAND – New Zealand dairy giant, Fonterra has invested in Motif Ingredients, a US-based food ingredients company in a US$90 million Series A funding round.   The funding round which was also backed by Ginkgo Bioworks, Breakthrough Energy Ventures, Louis Dreyfus Companies and Viking Global Investors gives Fonterra a minority stake in the business,…

Fonterra sells Farm Source livestock division to Carrfields Livestock

NEW ZEALAND – The global dairy giant has announced that it will sell the Farm Source™ livestock division to Carrfields Livestock, a family-owned livestock and dairy herd agency. The deal whose price was not disclosed is expected to be effective March 1, 2019. According to Richard Allen, Farm Source™ Stores Director, the divestment plan was…

Fonterra revises milk price forecast with revenues falling 4% in Q1

NEW ZEALAND – The New Zealand dairy giant, Fonterra’s revenue decreased by 4% to US$2.60 billion (NZ$3.8 billion) in the first quarter and has revised its 2018/19 forecast Farmgate Milk Price range to US$4.12 – US$4.32 per kgMS. The revision in the forecast milk price range was attributed to the global milk supply remaining stronger…

Fonterra to unwind Australian joint venture with China’s Beingmate

AUSTRALIA – New Zealand dairy co-operative Fonterra reached a provisional agreement with Chinese infant formula group Beingmate Baby & Child Food Co Ltd to unwind their joint venture in Darnum, Australia. The unwinding details which are yet to be disclosed include the Darnum plant which produces nutritional powders including infant formula for Fonterra, Beingmate and…

Fonterra to reduce emissions by 25% at Brightwater site on boiler conversion

NEW ZEALAND– New Zealand’s largest dairy processors Fonterra aims to reduce its carbon footprint at its Brightwater milk processing plant after the site converted its boiler to co-fire with wood. The conversion of the boiler will slash the amount of coal used at the site and will cut carbon emissions at the site by around…

Fonterra Group revises Farmgate Milk Price as a result of higher global milk supply

NEW ZEALAND - Fonterra Co-operative Group Limited, has revised its 2018/19 forecast Farmgate Milk Price from US$6.75 per kgMS to a range of US$6.25-US$6.50 per kgMS and increased its forecast New Zealand milk collection volumes by 1.3 per cent to 1,550 million kgMS. According to Fonterra’s Chief Executive, Miles Hurrell, the change in the forecast…