Posts tagged "Fonterra"

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...

Agriculture Minister Damien O’Connor calls for review of dairy industry

[8 February/NZ Herald] Halting changes to Fonterra’s enabling legislation would allow for a broader review of New Zealand’s dairy sector and whether it is adding enough value to our dairy industry, said Agriculture Minister Damien O’Connor. The proposed changes gave the co-operative discretion on accepting milk from new dairy conversions and would remove the need...

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...

Otorohanga formula factory granted land consent

[9 February/Radio NZ] A $230 million dairy factory in King Country has been granted land consent despite local opposition. A report from the Otorohanga District Council last year said the factory should not be allowed to go ahead because it would impact the local ecology, landscape, and rural charter. However, Happy Valley Milk has now...

Dairy giant Fonterra expanding in Russian with stake in joint venture

[12 February/NZ Herald] Fonterra has attempted to expand its Russian business, only months after the new government committed to reopening free trade talks that had not been on the table since the Crimean crisis. The deal will see Fonterra take a 49 percent stake in a St Petersberg based join venture with Foodline, its primary...

Milk Producer cuts forecast price

[2 February/ Radio New Zealand] Westland Milk Products has cut its forecast milk price back by more than 20 cents. They are expecting a price of between $6.20 and $6.50 which is relatively similar when compared to Fonterra, $6.40, and Synlait, $6.50. Westland’s chair Pete Morrison stressed that they seek to be fair to all...

Synlait holds steady on its forecast payout to farmers

[29 January/Stuff Business] Synlait Milk is holding firm on its forecast $6.50 per kilo milk solids payout to farmers for the 2017/18 season however it noted that relied on commodity prices staying firm the remainder of the season.  Managing Director, John Penno, said that the price had remained in place since May 2017 but global...

Is the 20-year white gold rush over for dairy industry

[25 January/NZ Herald] Chairman of New Zealand’s second largest dairy processor, Open Country Dairy, Laurie Margrain said that the company believes milk production growth in New Zealand has peaked and that they do not believe overall milk production would rise much beyond what it is today.  Mr Margrain said that while there will always be...

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...

Fonterra launches China product

[19 January/Otago Daily Times] Fonterra is working with Alibaba’s new physical retail concept, Hema Fresh, to launch a fresh milk product in China.  The milk product which will be supplied in 750ml products from Fonterra’s farms in Hebei province and shipped to the 14 Hema Fresh stores in Shanghai and Suzhou.  Fonterra President Greater China,...

Dairy prices rise after supply concerns

[18 January/The Country] The latest GlobalDairyTrade auction saw dairy commodity prices rise 4.9% as buyer concerns increased about supply levels given the dry conditions in New Zealand.  Most products showed gains, however the key whole milk powder prices showed a 5.1% increase and skim milk powder prices increased 6.5%.  Analysts said the latest result supported...