Posts tagged "Fonterra"

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....

‘Whistle-blowers’ in animal abuse cases need protection – SAFE

[17 August/Radio NZ] SAFE is seeking to have whistle-blowers protected after they lodge animal abuse complaints. It said some farm workers had received death threats due to reporting animal abuse, and they had no confidence in the Ministry for Primary Industries. SAFE’s Chief Executive, Debra Ashton, said whistle-blowers were vital in preventing animal abuse on...

Fonterra ownership structure ‘not on the table’, says director Scott St John

[18 August/The Country] When speaking to the NZ Shareholders Association, Fonterra Director, Scott St John, said the co-operative wouldn’t be changing its ownership structure, but was interested in taking on partners to fund future projects. The co-op’s capital structure has been criticised as making it too hard to raise equity, and led to a poor...

Weaker kiwi raising NZ commodity prices in local terms

[20 August/Otago Daily Times] According to ASB Senior Rural Economist, Nathan Penny, a weakened New Zealand dollar is boosting commodity prices in local terms. The Commodity Price Index had lifted 8.3 percent annually in New Zealand terms. Fonterra dropped its forecast from $6.75 per kilogram of milk solids to $6.70. Mr Penny noted the Chinese...

Fonterra appoints 18-year veteran Miles Hurrell as interim CEO

[15 August/The Country] Fonterra has appointed Miles Hurrell as its interim CEO and has currently halted its global chief executive search. Mr Hurrell was the chief operating officer for Fonterra’s FarmSource unit and is replacing Theo Spierings who will leave the co-op next month. FarmSource is the division that works directly with the farmer-owners. Mr...

US stance on Iran won’t apply to NZ – David Parker

[8 August/Radio NZ] The Government is confident the U.S’s stance on firms doing business with Iran would not apply to New Zealand. President Trump re-imposed sanctions against Iran and suggested other nations should follow his lead. He added those who didn’t would not be able to do business with the U.S. Trade Minister, David Parker,...

Fonterra reaches settlement with muzzled ex-director Leonie Guiney

[13 August/Stuff] The Fonterra board and former director, Leonie Guiney, have reached a settlement in their legal proceedings. The board said it had agreed to settle the proceedings and Fonterra agreed to meet her costs. In March, an injunction against Ms Guiney talking to media was ordered. The judge said at the time that there...

Fonterra taps into psychology of shoppers in attempt to boost sales

[10 August/Stuff] A research division at Fonterra is developing tools to push customers into buying its products. It said the division would tap into the minds of consumers in a way that would shape the future of commerce. It used psychology and neuroscience to increase sales and improve marketing strategies. Fonterra Sales and Marketing Disruption...

High debt, low margins force Fonterra to cut back milk price, dividend

[10 August/NZ Herald] High debt and lower margins has forced Fonterra to reduce its farmgate milk price for the season just ended. It has also halted plans for a second half dividend. Fonterra said it would cut its 2017-18 milk price forecast by 5c to $6.70 per kg. This provides an $80 million benefit to...

Fonterra returns to India to form joint venture with Future Group

[9 August/NZ Herald] Fonterra is returning to the Indian dairy market to form a joint venture with Future Group. It said it had tied up with the Future Consumer, part of Future Group, to make a range of consumer and foodservice dairy products that would meet the growing demand for high quality dairy in India....

Fonterra, a2 Milk bury the hatchet

[3 August/NZ Herald] Fonterra and The A2 Milk Company have joined together to offer a jointly branded A1-free milk to New Zealand consumers. Fonterra had resisted the a2 Milk concept until now. The two companies have moved on from historic differences and formed a joint venture. They launched their first jointly branded product this week....

Fonterra chair John Wilson’s exit comes as shock to shareholder boss

[27 July/NZ Herald] Fonterra Chairman, John Wilson, has decided to step down after a serious health scare. This was a shock to the industry. Fonterra announced he would remain a director on its board until its annual meeting in November although would stand down from the chair immediately. The co-op said Mr Wilson had undergone...

Anti-coal group protests outside Fonterra’s Auckland office

[26 July/NZ Herald] There was a small protest outside Fonterra’s head office by the Auckland by Coal Action Group over the co-op’s continued use of coal in manufacturing processes. Spokesman, Peter Whitmore, said Fonterra had not done enough to wean itself off coal, despite having joined the Climate Leaders Coalition group. Fonterra was New Zealand’s...