Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Today's announcement of a further 25c drop in the current season forecast farmgate milk price is a "bitter pill" for farmers to swallow, says Fonterra Shareholders' Council chairman Duncan Coull.
The 2015-16 forecast farmgate milk price dropping from $4.15/kgMS to $3.90/kgMS is reflective of the current market conditions.
Coull says: "Farmers understand what the market realities are and continue to make adjustments where they can, but today's announcement, coming so close on the heels of January's 45 cent milk price reduction, will magnify the effects on our Farmers' businesses.
"This news is difficult for us to hear and for our co-op to give however, that it was provided in a timely manner at least lets us know exactly where we are placed and enables us to prepare accordingly.
"Farmers now need their co-op to drive the business hard, execute strategy, and deliver cash to them. In essence, farmers want to see the full benefits that the cooperative model offers and we will all be watching March's interim results with great interest.
"This current environment is no doubt placing added personal stress on farm so it's imperative we keep in touch with our neighbours, friends and families, and all support each other where we can.
"I also ask that farmers stay connected with their co-op and contact their local Shareholders Councillor if they have any questions, need advice, direction or support."
China’s Ambassador Wang Xiaolong says bilateral economic and trade cooperation between China and New Zealand has made significant and rapid progress.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.