Fonterra to reduce stake in Chinese infant formula maker Beingmate

NEW ZEALAND – The New Zealand milk coorporative, Fonterra, has said that it will be reducing part of its 18.8% shareholding in Chinese infant formula manufacturer Beingmate. The company’s chief executive, Miles Hurrell, said the decision to reduce its stake in the poor perfoming entity forms part of a three-point plan to turn around the business. Fonterra booked a hefty write down on its Beingmate stake last year. Fonterra had acquired a stake in Shenzhen Stock Exchange listed Beingmate for about US$490.5 million (NZ$750 million) in 2015 seeking to tap…

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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 sales officer and consumer dairy managing director. Prior to this, he was the sales director at Wyeth Nutrition and also held senior roles at PepsiCo and Wahaha Food Group, according to FoodBev. The appointment has…

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