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…

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…