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…

New Zealand launches programme with Dairy Goat Co-operative to promote goat’s milk

NEW ZEALAND - New Zealand has launched a US$19.7 million programme with Dairy Goat Co-operative, which develops, manufactures, and sells nutritional goat and cow milk products to grow the goat’s milk infant formula industry in the country. According to FoodBev, the initiative aims to grow research and farming capability and boost export revenue across the…

New Zealand launches US$40m scheme for sustainable growth in the food industry

NEW ZEALAND - New Zealand’s agriculture minister Damien O’Connor has launched a new US$40m-a-year scheme to grow the food and beverage industry sustainably and as a way to meet food and nutrition needs in the country. The minister said the nation needed to move from 'volume to value' and this sector which delivered more than…

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…

Nestle sells New Zealand confectionery business with 55 jobs lost

NEW ZEALAND – Nestlé, a multinational food and beverage company, has sold some of its confectionery brands in New Zealand – including Fabulicious Red Licorice, Mackintosh and Black Knight – to Sydney-based firm Quadrant Private Equity. According to FoodBev, the company will cut production at its Wiri factory with as many as 55 jobs likely…

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…

Coca-Cola to release the first stevia-sweetened drink in New Zealand

NEW ZEALAND - Coca-Cola will release the first Coca-Cola product exclusively sweetened with stevia in New Zealand, called Coca-Cola Stevia No Sugar, replacing Coca-Cola Life products in the country. According to the company, the introduction of the drink comes as part of a wider strategy to encourage consumers to consume less sugar. “The last 10…

A2 Milk Co signs distribution deal with Yuhan Corp in South Korea

SOUTH KOREA - A2 Milk Co, a New Zealand public listed company, has signed an exclusive distribution deal with Yuhan Corp in South Korea, more than a decade after an earlier foray into that country which ended in litigation. According to New Zealand Herald, the Auckland-based, Sydney-headquartered company signed an exclusive sales and distribution agreement…

Commonwealth countries pledge to eliminate single-use plastic for sustainability

UK - Countries from across the Commonwealth have pledged to eliminate avoidable single use plastic in an ambitious bid to clean up the world’s oceans. According to UK Whales Org, other countries like New Zealand, Sri Lanka and Ghana have become the latest nations to join the UK and Vanuatu-led Commonwealth Clean Oceans Alliance – an…

Fonterra partners with Apollo Foods in new technology to boost beverage market

NEW ZEALAND - Fonterra and Apollo Foods, an innovative start-up company have partnered to launch a new technology capable of running dairy and fruit beverages to boost the beverage industry in New Zealand. They have collaborated to install an innovative beverage filling technology that allows production of different containers on site and fill them with…