Well-placed to weather conflicts
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
FERTILISER CO-OP Ravensdown has called time on its money-losing Western Australian operation, five years after launching this first trans-Tasman venture.
Negotiations announced last week to sell the 4000 member, 39 employee WA operation are part of a wider strategy review which saw it sell its WA agrichemical business in April, and South Australia joint venture Direct Farm Inputs in February.
Chief executive Greg Campbell, who joined the Christchurch cooperative in February, says latest year-end results from the WA business are still being audited but an operating loss of $9m looms, on the back of three previous years of smaller losses.
"A clear action plan to turn around that business over the last year was implemented, but the business still made a loss. Any on-going losses are unsustainable because, as a co-operative, each part of our operation ultimately needs to stand on its own feet and contribute."
Campbell says a strengthening balance sheet and increased profitability will enhance New Zealand shareholders' access to "quality fertiliser at lowest sustainable cost" and reduce risk and debt. Working capital debt is forecast down $150m.
Ravensdown's Queensland operation is not part of the discussions.
Late last month the cooperative announced a tie-up with Mid Canterbury rural retailer ATS, to provide a nationwide charge card service, Ruralco.
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.
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