Posts tagged "Beingmate"

First principles in strategy reset

[22 March/Farmers Weekly] Fundamental change to Fonterra Co-operative Group’s business strategies will be made as the co-operative aims at refocusing at the principles of co-operative farmer ownership, efficient milk collection and processing and exports of dairy ingredients for premium prices. Chief Executive Miles Hurrell stated that farmers want to see Fonterra extract the returns that...

Fonterra negotiates termination deal for Darnum JV with Beingmate

[12 February/NZ Herald] Fonterra has announced that it has taken back full ownership of the Darnum manufacturing plant in Australia, unwinding its processing joint venture with Chinese partner, Beingmate. The exact terms of the separation agreement remain confidential. A Fonterra spokeswoman said the deal had been structured to ensure no cash was paid by the...

Fonterra ‘humming’ in Greater China – Zhu

[11 July/NZ Herald] Fonterra’s top executive in China, Christina Zhu, said Fonterra’s business in China was going well despite challenges with the investment in Beingmate. Bao Xiufei had been appointed as the new General Manager for Beingmate, which Fonterra saw as a step in the right direction. Ms Zhu explained the difference between having an...

Fonterra hopes new Beingmate general manager will transform company

[2 July/Stuff] Fonterra’s Chinese partner Beingmate has appointed a new general manager. Fonterra’s Chief Executive, Theo Spierings, welcomed the move as a signal of the company’s transformation. Fonterra wrote off $405 million of its $750 million investment in Beingmate earlier this year. The new general manager is Bao Xiufei (Bob). Mr Spierings said they knew...

Van der Heyden backs Fonterra chairman John Wilson after Shane Jones calls for resignation

[14 June/NZ Herald] Former Fonterra Chairman, Sir Henry van der Heyden, has given his backing to the current chairman of the co-op, John Wilson. He said no New Zealand farmer would argue with the current milk price forecast in response to comments from Regional Development Minister, Shane Jones, who said the company should stop being...

Beingmate joint venture needs new leader

[8 May/Dairy News] Fonterra’s Beingmate joint venture needed a leadership revamp, according to its China business head, Christina Zhu. She added that Beingmate needed a strong leadership team and chief executive, and that it was in the process of ensuring that was in place. Beingmate reported a loss of $230 million for 2017 which was...

Beingmate write down behind Fonterra first-half loss

[22 March/Otago Daily Times] Fonterra has posted a $348 million after tax loss for its first half of trading, largely due to the $405 million write-down in the value of its stake in Chinese infant formula distributor, Beingmate. Fonterra Chairman, John Wilson, said shareholders would be rightfully disappointed with this outcome and that Beingmate’s continued...

Fonterra uncompetitive claims ‘false and misleading’

[12 February/ Dairy News] Fonterra has responded to claims about its business in China calling them false and misleading.  The co-operative noted that the Beingmate relationship has enabled Anmum products to now be distributed in 184 cities in China through 10,000 stores and all the major e-commerce platforms.  While Beingmate has a footprint across 80,000...

Hefty loss expected by Fonterra’s Chinese investment partner Beingmate

[22 January/Stuff Business] Fonterra have released a statement saying that they are extremely disappointed with a profit downgrade announced by Chinese partner, Beingmate.  Beingmate had been expecting a loss of $75 to $107 million but the company has increased the size of the expected loss for the year to December 2017 to between $171 and...

Farmers watching Beingmate, China Farms performance

[14 November/Rural News] Fonterra farmers are closely following the co-op’s investment into Chinese food company Beingmate, which they see as shaky. Fonterra Shareholders Council Chairman Duncan Coull said that although the performance and return on the initial investment had been poor with stock market issues and regulatory reform, there was significant value yet to be...

Fonterra to spend $100 million to lift capacity in Australia

[3 November/New Zealand Herald] Fonterra Chief Executive Theo Spierings unveiled plans to spend $100 million in Australia to relieve bottleneck pressures during the co-operative’s annual meeting in Hawera yesterday. The expansion would provide a further 500 million litres of capacity to its milk-processing plants. Fonterra also reported their priorities for 2018 included protecting its market...

Fonterra may not take impairment even as Beingmate falls further

[6 September/ National Business Review] Investors in Fonterra’s Shareholders Fund may need to wait until the annual result in late September to be updated on the status of the co-operative’s investment in Beingmate. Shares in Beingmate decreased a maximum of 10 percent when they were released from a trading halt. Fonterra paid RMB18 per share,...

Beingmate faces delisting warning, Fonterra clarifies Anmum distribution

[3 August/ National Business Review] Beingmate Baby & Child could be delisted from the Shenzen Stock exchange if it reports further financial losses. Fonterra is monitoring Beingmate’s asset sale programme and said its Anmum brand distribution agreement with Beingmate remains unaffected. Beingmate downgraded its $10 million profit earnings forecast to a loss of at least...