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…

Fonterra records a net loss after tax of US$196m in 2018 annual results

NEW ZEALAND – Fonterra, a New Zealand multinational dairy co-operative, has announced a Net Loss After Tax of US$196 million in its FY18 annual results, with a plan to improve its business performance and the outlook for FY19. According to the company, the normalised EBIT was US$902 million, down 22%, the Co-operative’s gearing ratio was…

Fonterra expands range by the launch of high protein flavoured drinks Anchor Protein+

NEW ZEALAND – Fonterra, a New Zealand multinational dairy co-operative, has expanded its protein range by the launch of high-flavoured drinks, Anchor Protein+ to its New Zealand market. According to the company, the new beverage features 20g of protein per serve and unlike most flavoured milk drinks, contains no added sugar, and the first time…

Fonterra announces Miles Hurrell as interim CEO

NEW ZEALAND - Fonterra Co-operative Group, a multinational dairy co-operative, has announced that Miles Hurrell will take over as the Co-operative’s interim Chief Executive with immediate effect. According to the company, Mr Hurrell is currently the Co-operative’s Chief Operating Officer, Farm Source – the unit responsible for working directly with the Co-operative’s farmer-owners. In that…

Fonterra re-enters India through a joint venture with Future Group

INDIA - New Zealand dairy giant Fonterra has partnered with fast moving consumer goods arm of Future Group, Future Consumer Ltd to form a joint venture that will see the dairy co-operative launch dairy products in India. Fonterra Future Dairy Partners, a 50:50 joint venture will enable Fonterra tap a significant portion of the dairy market…

Fonterra announces John Wilson steps down as company’s Chairman

NEW ZEALAND - Fonterra Co-operative Group Ltd, a multinational dairy co-operative, has announced that John Wilson has stood down from his position as Chairman with immediate effect as he recovers from a recent serious health scare. According to the cooperative, within the last month Mr Wilson has undergone a significant surgery and will require on-going…

Fonterra to double butter output at Edgecumbe to meet Chinese demand for ‘muddy buns’

CHINA – Fonterra, a multinational dairy co-operative, is set to double up its butter output at Edgecumbe to meet the increasing demand for Chinese ‘muddy buns’ which is  a growing trend. According to the company, ‘Muddy Buns, Dirty Dirty Bread, or Zang Zang Bao’ as they’re known in China, are creating a social media frenzy…

China dairy company Beingmate appoints new general manager

CHINA - Chinese milk powder manufacturer Beingmate has appointed a new general manager – a move welcomed by minority shareholder Fonterra – as it aims to re-focus its business for growth. Bao Xiufei joins Beingmate from the Chinese business of Dutch dairy company Royal FrieslandCampina, where he most recently held the titles of Friso chief…

Synlait Milk announces Fonterra’s Ex-Managing Director as new CEO

NEW ZEALAND - Synlait Milk, a dairy processing company, has announced Leon Clement, who was Fonterra’s Managing Director of Fonterra Brands New Zealand, as the new CEO from mid-August. According to the company, the appointment was the outcome of a global recruitment search undertaken following cofounder and inaugural CEO John Penno’s announcement in November 2017…

Fonterra enhances water efficiency at milk powder drying operation

NEW ZEALAND - The New Zealand co-operative group, Fonterra has developed and installed ‘a ground-breaking reclaimed water system’ in New Zealand with a goal to save half a million litres of ground water daily (equivalent to 18 milk tanker’s worth). The site reuses water from condensation that is produced from milk powder manufacturing process. The…