Lang is top cheesemaker, again!
Fonterra Brands' Cathy Lang has been crowned the country's best cheesemaker for the second time in three years.
Beingmate is very close to appointing a chief executive officer, says Fonterra’s chief executive Theo Spierings.
Fonterra views this as the biggest step required at present, he says.
According to Spierings there is a mandate to execute a transformation plan and Beingmate returned a very small profit -- which includes a government grant.
“There was pressure on turnover because the market is coming out of new regulations; there is turnover pressure but a small profit,” he says.
All recommended directors were appointed at the annual meeting, “so a very calm and stable reappointment process of directors”.
Fonterra’s formula product Anmum had strong development in pilots in two cities in the first three years of the partnership. Anmum is an important pillar of the Beingmate business right now, Spierings says.
They are clearly on a pathway to a $100 million target in consumer products in year three. But cashflow and liquidity had an impact over the last couple of the months.
Spierings says it is “important that there is cash to the people buying and growing the Anmum business”.
Fonterra has written down $405 million in its Beingmate business.
“Clearly this outcome is unacceptable to our shareholders,” the co-op says in the report.
“The recovery of the value of this investment is the number-one immediate priority for the chief executive and management team.
“As an 18.8% shareholder, we do not have direct control over the company. But we are working to influence its direction and continue to call for an urgent business transformation through our relationship with Beingmate’s founder and majority shareholder.
“The board (Fonterra’s) has a working group – that includes independent directors Simon Israel and Clinton Dines – who both have significant China experience and expertise – to provide guidance and oversight to management as they work to recover the investment.”
Humbling, overwhelming, and an absolute honour. That’s how 2024 Fonterra Dairy Woman of the Year Katrina Roberts describes her win at the Dairy Women’s Network conference earlier this month.
Hamilton-based Dairy Goat Co-operative (DGC) is revamping its leadership in the hope of recovering from its financial doldrums.
With just over two weeks left in the 2023-24 season, all eyes will be on Fonterra's opening milk price for the new season.
Fonterra Brands' Cathy Lang has been crowned the country's best cheesemaker for the second time in three years.
James and Debbie Stewart of Dairylands in the Manawatū are no strangers to taking home the silverware.
Troubled milk processor Synlait's share price is taking a hammering as nervous investors offload their stakes.