Posts tagged "Fonterra"

Massive fund manager BlackRock reveals 5 per cent holding in a2 Milk

[7 June/NZ Herald] One of the world’s biggest fund managers, BlackRock, emerged as a significant shareholder in the a2 Milk Company with a 5 percent stake. It said recent purchases took it over the 5 percent threshold, meaning it was required to declare its stake. A2 Milk Company became New Zealand’s largest listed company earlier...

Westland, Synlait forecast higher milk prices after Fonterra hike

[1 June/The Country] A bullish outlook for butter prices encouraged Westland Milk Products to increase its farmer payout forecast from $6.75 to $7.20 per kg of milksolids for 2018/19. This compares with $7.00 for Fonterra and Synlait Milk. Westland Chairman, Pete Morrison, said the coming season’s forecast was driven by an improved sales outlook. He...

Fonterra approaches farmers to switch from Westland Milk Products

[25 May/The Country] Fonterra has approached Westland Milk Products suppliers to switch loyalties with the promise of better returns. Federated Farmers President for the region, Peter Langford, said it was known that Westland suppliers had been talking to Fonterra as it tried to secure supply on the West Coast. He expected some suppliers would switch...

S&P: Fonterra’s credit rating ok, for now

[25 May/NZ Herald] S&P Global said Fonterra’s credit rating had not been affected by the co-operative’s recent earnings downgrade. Fonterra increased the farm gate milk price from $6.55/kg to $6.75/kg per kilo of milk solids for the 2017/18 season and noted that it expected to be outside the target end of year gearing range. The...

Economy set to gain from 7 per cent drop in NZ dollar in just a month in a month

[21 May/NZ Herald] The New Zealand export sector and general economy looks likely to benefit from the 7 percent fall in the New Zealand Dollar relative to the U.S. dollar. A weaker local currency stimulates export earnings. In the case of Fonterra, the substantially lower NZD would be supportive for farmgate milk prices. ANZ Senior...

Fonterra wants law change to end milk pick-up obligation

[9 May/NZ Herald] Fonterra has said that it continuing to have to accept all milk from all farms would be a critical part of the Government’s review of legislation. Agriculture Minister, Damien O’Connor, has announced the terms of reference for the review. Fonterra had long pushed back against the DIRA requirement that it take all...

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...

Global dairy prices drop 1.1 percent

[2 May/Radio NZ] Dairy prices fell in the largest GlobalDairyTrade auction. The average price decreased 1.1 percent. The price of whole milk powder was down 1.5 percent, however there were gains in the price of skim milk powder and cheese. Rabobank Dairy Analyst, Emma Higgins said the drop was not overly concerning. She added that...

Alibaba, Fonterra and NZ Post team up to track orders using blockchain technology

[27 April/The Country] Alibaba is working with Fonterra and New Zealand Post to track customers’ orders using blockchain technology. The system aimed to improve supply chain transparency. Fonterra and supplements company Blackmores were the first to use the traceability system on their products. The food safety framework aimed to enhance consumer confidence and was part...

Alibaba Group chief executive on New Zealand visit

[27 April/The Country] Alibaba Group Chief Executive, Daniel Zhang, will meet business leaders and heads of government agencies, but did not have any formal meetings planned with ministers during his trip to New Zealand. Alibaba has invited government agencies to several events where Mr Zhang will talk about its own enterprise and global initiatives. A...

Shareholders council puts spotlight on Fonterra’s value and capital spending

[19 April/NZ Herald] The Fonterra Shareholders Council has commissioned a new study to see if Fonterra’s farmer-shareholders are better off as a result of the co-operative’s creation.  The council is comprised 25 farmer-elected representatives. Chairman, Duncan Coull, said the questions needed to be answered and farmers needed confidence that capital was being put to good...

Fonterra does U-turn on invoice payments to tradies

[16 April/NZ Herald] Fonterra is going to reverse their delayed payment policy that caused financial difficulties for many small suppliers and it will return to paying its small trades and services suppliers on normal business terms again. Small Business Minister, Stuart Nash, congratulated Fonterra on its policy change. He said he had personally raised the...

Meet Fonterra’s next chief exec

[5 April/Farmers Weekly] Dairy farming leaders said communication skills and transparency were high among the qualities needed in Fonterra’s next chief executive. Federated Farmers National Dairy Section Vice-Chairman, Wayne Langford, said listening to stakeholders was a prerequisite for the new leader. Farm leaders welcomed the transition process and they were now at the short list...

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 CEO search likely to come down to 3-5 candidates

[22 March/The Country] According to employment experts, Fonterra’s search for a replacement for current Chief Executive, Theo Spierings, will likely come down to between three to five candidates. Former Fonterra insiders said there were no obvious internal candidates for the role. Principal of Whitehead Group Employment Specialists, Max Whitehead, said there was a lot of...

Dairy industry expects big day tomorrow

[20 March/Otago Daily Times] The most recent GlobalDairyTrade auction will be followed by the interim reports of both Fonterra and Synlait. Craigs Investment Partners Broker, Chris Timms, said prices were up 12.2 percent from the lows in December and were back at similar levels to the middle of last year. He added that most economists...

Fonterra close to reaching Argentina deal

 [15 March/Rural Life] According to a media report by La Nacion, Fonterra were close to reaching a deal with SanCor, an Argentina-based dairy co-operative. They reported that Fonterra and SanCor would form a new company with Fonterra having 80 to 90 percent control. SanCor owed 1900 individual creditors $101 million but as part of the...

Fonterra partners with Beca on VR training technology

[7 March/Dairy Reporter] Beca and Fonterra have partnered to develop a virtual reality health and safety training technology. A Fonterra spokesperson said they commissioned Beca to develop the tool and therefore own the rights to the application. The reason for the technology is part of Fonterra’s commitment to become a world leader in risk mitigation....

Dairy prices slip for a second straight auction

[7 March/The Country] Dairy Product Prices declined at the Global Dairy Trade Auction, with whole milk powder declining 0.8 percent due to an increase in supply. The GDT index fell 0.6 percent from the previous auction. AgriHQ Dairy Analyst, Amy Castleton, said Fonterra had increased its whole milk powder offer volumes ahead of this event...

Fonterra Ventures partners with nutrition start-up Foodspring

[2 March/Foodbev Media] Fonterra have teamed up with German nutrition start-up Foodspring following an investment in its parent company, Goodminton. Foodspring sells products including whey protein shakes and organic superfoods and focuses on healthy eating, weight management and muscle-building. Fonterra’s CEO for Velocity and Innovation, Judith Swales, believed the deal would create a range of...

Fonterra Media gag ‘bizarre’ says former board member

[5 March/NZ Herald] Former Fonterra Board Member, Greg Gent, said the Co-operative’s move to gag former director Leonie Guiney from talking to the media is bizarre. The legal gagging order issued by Justice Clark restrained NZX Rural Limited from using, publishing or disseminating confidential information allegedly received from Ms Guiney and also restrains her from...

Senior Fonterra GM jumps ship to become ambassador to Korea

[5 March/NZ Herald] Fonterra Senior Executive, Philip Turner, is leaving the co-operative to become New Zealand’s new ambassador in South Korea. Mr Turner’s departure had been known in the market for some months, and Foreign Minister, Winston Peters, has announced his new appointment. He has held multiple senior positions with Fonterra since March 2007. Prior...

a2 breaks $10 billion valuation mark

[22 February/NZ Herald] After a recent announcement of another bumper profit and the formation of a joint venture with Fonterra, the a2 Milk Company (‘A2 Milk’) has become New Zealand’s largest listed company. The announcements raised the the company’s share price by $4.25 to a record $13.75. This gave the company a market capitalisation of...

Fonterra milk price remains steady as prices hold at GDT

[20 February/The Country] After the recent GlobalDairyTrade auction, Fonterra’s farmgate milk price forecast for 2017/18 looked likely to remain intact. Whole milk powder prices rose by 0.3 percent which represented a fourth gain in a row since falling in December. According to economists, as the end of the season approaches and with 80 percent of...