Wednesday, 07 July 2021 13:55

Fonterra China farms sold

Written by Staff Reporters

font size decrease font size increase font size
Print
Email

Fonterra chief executive Miles Hurrell.

Fonterra will pocket $88 million following the sale of its two joint venture farms in China.

The farms in Shandong province were sold to Singapore-based AustAsia Investment Holdings for US$115.5 million.

Fonterra owns the farms with a joint venture partner and had a 51% stake.

Fonterra hief executive Miles Hurrell says the sale is another important milestone for the co-operative and aligns to its strategy of prioritising New Zealand milk.

"The sale of the JV farms allows us to focus even more on our farmer owners' milk and follows the sale of our two wholly owned China farming hubs earlier this year.

Fonterrs sold its two wholly owned China farming hubs in Shanxi and Hebei provinces to Inner Mongolia Youran Dairy in April for $552 million."

Published in Agribusiness

More like this

Divestment means Fonterra can focus on its strengths

OPINION: Fonterra's board has certainly presented us, as shareholders, with a major issue to consider.

Fonterra vote

OPINION: Voting is underway for Fonterra’s divestment proposal, with shareholders deciding whether or not sell its consumer brands business.

Fonterra to boost UHT cream production with $150m plant

With Fonterra's UHT plant at its Edendale site less than a year from completion, demand continues to grow for products the plant will produce, such as Anchor Whipping Cream.

Winston Peters questions Fonterra divestment plan

Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.

Editorial: A new era for two co-ops

OPINION: Farmer shareholders of two of New Zealand's largest co-operatives have an important decision to make this month and what they decide could change the landscape of the dairy and meat sectors in New Zealand.

Featured

Alliance says shareholder proposal ‘unlikely to satisfy banks’

Meat co-operative, Alliance has met with a group of farmer shareholders, who oppose the sale of a controlling stake in the co-op to Irish company Dawn Meats.

Safer Farms issues safety alert on ATV rollovers when towing calf milk trailers

Rollovers of quad bikes or ATVs towing calf milk trailers have typically prompted a Safety Alert from Safer Farms, the industry-led organisation dedicated to fostering a safer farming culture across New Zealand.

Government invests $8 million in LIC methane research to reduce dairy emissions

The Government has announced it has invested $8 million in lower methane dairy genetics research.

Farmers rally to keep Alliance Group 100% NZ-owned

A group of Kiwi farmers are urging Alliance farmer-shareholders to vote against a deal that would see the red meat co-operative sell approximately $270 million in shares to Ireland's Dawn Meats.

Farewell Jim

In a few hundred words it's impossible to adequately describe the outstanding contribution that James Brendan Bolger made to New Zealand since he first entered politics in 1972.

Dawn Meats lifts Alliance investment to $270 million

Dawn Meats is set to increase its proposed investment in Alliance Group by up to $25 million following stronger than forecast year-end results by Alliance.

National

From Calf Shows to Semex NZ: Rachel Cox’s dairy journey

When I interview Rachel Cox, she is driving - on her way to her next meeting.

Fonterra to boost UHT cream production with $150m plant

With Fonterra's UHT plant at its Edendale site less than a year from completion, demand continues to grow for products…

New scholarship to grow female leaders in dairy

A new $50,000 scholarship fund designed to support and empower women in the New Zealand dairy industry through leadership development…

High dairy payouts fuel record milk production across NZ

Many farmers around the country are taking advantage of the high dairy payout to get maximum production out of their cows.

Owl Farm marks 10 years as NZ’s first demonstration dairy farm

In 2015, the signing of a joint venture between St Peter's School, Cambridge, and Lincoln University saw the start of…

Machinery & Products

Cheetah Electronics launches Rodent Shield to protect agricultural machinery from rodent damage

With the increased arrival of technology in modern agricultural machinery, it invariably means more wiring and electronic control modules. This brings…