Posts tagged "Fonterra"

First sinks coalition partners’ plan for fisheries review NZ

[2 December/Stuff] It has been reported that the New Zealand First party has scuppered plans for a panel to be established to provide expert advice to the government on New Zealand’s fishing industry. Fisheries Minister Stuart Nash planned to revitalise the technical advisory panel, which was set up by the National Government to give expert...

Fonterra makes play for developing countries

[1 December 2018/NZ Herald] Fonterra is making a push to make dairy affordable and accessible for low-income populations in developing regions in the Middle East, Africa, South Asia, and South America. Kelvin Wickham, Chief Operating Officer of Fonterra’s NZMP ingredients business, said Fonterra had previously sold commodity products in bulk into these markets but now...

Two for two: second Fonterra director election limited to two contestants

[27 November/NZ Herald] Fonterra Co-operative Group has announced that a second election for an unfilled director seat on the co-op’s board will be held over the next month. The two candidates will be self-nominated farmer-supported candidate, John Nicholls, and board nominee, Jamie Tuuta, both of whom did not receive sufficient support from shareholders to be...

Fonterra keeps cone of silence on Tip Top sale rumours

[22 November/Otago Daily Times] Fonterra has declined to be drawn on speculation that its New Zealand based ice cream company, Tip Top, may be up for sale as the co-operative looks to streamline its operation. The Australian newspaper said Fonterra is believed to be weighing up a sale of its South American operations, as well...

NZ dairy production hits record in peak October month

[20 November/NZ Herald] Positive growing conditions over spring has driven NZ milk production to a record high of 271.08 million kilos of milksolids in the peak month of October, according to DCANZ data. The previous record was 270.8 million kg in October 2014. October year-on-year milk production was up 6.5 per cent while season to-date...

Fonterra shareholders simmer while embattled company paints brighter future at AGM

[9 November/NZ Herald] Fonterra’s new leadership is receiving support from the co-operative’s shareholders, but the AGM left little doubt that further financial blunders will not be tolerated. There were plenty of questions about Fonterra disappointing financial results for the year and investment decisions that have been made in China. Former Fonterra deputy chairman and shareholder...

DIRA input sought

[3 November/ODT Rural Life] Public consultation has been launched on the review of the Dairy Industry Restructuring Act 2001, the legislation which enabled the formation and operation of Fonterra. The government had announced the review was in process earlier in the year and Agriculture Minister, Damien O’Connor, launched the public consultation at a dairy farm...

Bumper spring milk flow puts pressure on payout

[31 October/NZ Farmer] National milk flows are 5.6% ahead of last season as favourable weather conditions have helped production levels. The growth partly reflects the poor production achieved last year when the weather was either too dry or too wet. ASB Bank economist, Nathan Penny, said that ASB has increased its milk growth forecast from...

NZ dairy farm prices drop 18% as environmental, foreign investment concerns start to bite

[30 October/NZ Herald] The Real Estate Institute of NZ has released figures that indicate the median price per hectare for dairy farms has fallen 18.3% over the last 12 months. Overall, the prices across all categories of agricultural land have fallen 7% on year on year. In commentary, REINZ said that the early spring farm...

Zespri chairman Peter McBride stands down

[31 October/NZ Farmer] Zespri chairman, Peter McBride, has announced that he will resign for the role in February next year and will not seek re-election to the board when his term expires in the middle of next year. Mr McBride had previously told Fonterra shareholders, were he is running for election to the board, that...

ASB’s milk forecast trimmed

[18 October/The Country] ASB decreased its milk price forecast by 25 cents to $6.25 due to a fall in global dairy prices. Prices dropped 0.3 percent this week, and prices had fallen at nine out of the previous 10 auctions. Individual product results were more mixed. According to ASB Senior Rural Economist, Nathan Penny, the...

Dairy prices steady

[17 October/Farmers Weekly] Dairy commodity prices eased 0.3 percent at the latest Global Dairy Trade event. This performance was better than expected. Whole milk powder prices fell, however prices for both butter and anhydrous milkfat increased. Skim milk powder was unchanged. Whole milk powder prices were expected to fall due to Fonterra lifting both its...

Two investors, including former Fonterra executive, join Kiwi company boosting nutrition in food for elderly

[11 October/TVNZ] Two investors joined the Pure Food Co which aimed to boost nutrition in food for the elderly. Synlait Founder, John Penno, and Maury Leyland Penno who worked at Fonterra were welcomed to the company. John Penno would be the chair of the Board of Directors. It was founded in 2013 after Sam Bridgewater...

Rotorua children do their bit for the landfill and environment

[11 October/The Country] Eastern Suburbs Preschool students are diverting non-recyclable yoghurt pouches from landfill on behalf of the community as part of a recycling programme. The programme is led by Fonterra and TerraCycle. The preschool has a chance to win lunch bags and pencil cases made from upcycled yoghurt pouches as part of the national...

New consumer and sensory science facility on the way

[29 August/Massey University] Massey University are developing a state of the art consumer and sensory science facility to determine what drives people in their food choice behaviours. College of Sciences Pro-Vice Chancellor, Ray Geor, said the investment continued to build on the strong food science capability at Massey. The facility would increase the already strong...

Tatua payout tops $8 after record result

[27 September/Stuff] Tatua shareholders would receive a payout of $8.10 per kilogram of milk solids. This comes after it posted record annual revenue. It had operating revenue of $357 million, and earnings of $127 million. The results follow the release of Fonterra’s figures that showed its first loss in its history. Westland Milk Products also...

Contest heats up for three Fonterra director seat vacancies

[24 September/The Country] Five candidates will contest the three seats available on the board of Fonterra. Zespri Chairman, Peter McBride, Maori Television Chairman, Jamie Tuuta, and sitting director, Ashley Waugh, would compete with former Fonterra director, Leonie Guiney and dairy farmer, John Nicholls, for the three seats. Mr McBride, Mr Tuuta, and Mr Waugh would...

Dairy product prices down at GDT

[19 September/The Country] Dairy product prices fell at the latest Global Dairy Trade Auction. Whole milk powder continued to fall due to increased supply. The index fell 1.3 percent to USD2,934. Whole milk powder fell 1.8 percent. Fonterra increased its 12 month whole milk powder offer volumes by 20,450 tonnes. According to AgriHQ analyst, Amy...

Fonterra Brands opts for outsider

[14 September/Dairy News] Fonterra has appointed an Executive from outside of its business as the new head of its NZ Brands division. Managing Director of Griffin’s Food Company, Brett Henshaw, has been appointed as Managing Director of Fonterra Brands. He will start the new role in December, replacing Leon Clement, who resigned to become the...

Fonterra debt under spotlight after $196m loss

[13 September/NZ Herald] S&P Global Ratings will keep a watching brief on Fonterra’s debt after it produced its first annual loss since it was established in 2001. The co-operative reported a $196 million loss for the year to July. This compared to a $745 million profit in the previous year. The gearing ratio increased by...

Fonterra names board candidates up for election

[10 September/Radio NZ] Fonterra announced the three candidates up for election to the company board after gaining approval from an Independent Selection Panel. One candidate is Jamie Tuuta. He was the chairman of Maori Television, and has held governance roles in other organisations. A second candidate is Peter McBride, who is currently the chairman of...

New Zealand Business Roundtable in China Formally Launched

[5 September/NZBRiC] The New Zealand Business Roundtable in China was launched in Shanghai on 5 September. The event was attended by senior members of the New Zealand business community in Shanghai. The Board Chair, Kevin Parish, said it was a representational platform led by New Zealand business and would advocate for key interests on behalf...

Fonterra set to lower 2018/19 milk price forecast

[30 August/NZ Herald] Fonterra is expected to lower its forecast $7.00 per kg milk price. It legally had to upgrade its price every three months. ASB Senior Rural Economist, Nathan Penny, said based on results since they opened at $7.00 per kg, a downgrade was almost inevitable. He added the market consensus was around $6.40...

Dairy prices fall to eight-month low

[22 August/Radio NZ] Dairy prices fell to an eight month low at the most recent Global Dairy Trade Auction. The average price fell 3.6 percent to USD3044 per tonne. This was the lowest the average had been since December. The price of whole milk powder fell 2.1 percent and volumes sold were down 6 percent....