Fonterra cements position as the big cheese!
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
Fonterra is signalling to farmers that it may not meet its earlier pledge to return $1 billion to shareholders and unit holders within two years.
Speaking at Fonterra's annual meeting last week, chair Peter McBride revealed that any amount of any capital return will be determined by the successful divestment of assets, as well as the co-op's financial position at the time.
As part of its strategy to 2030, Fonterra set a goal of a return of about $1 billion to shareholders and unit holders from divestments, including Chilean business Soprole and a stake in the Australian business.
But after looking at options, Fonterra has decided to maintain full ownership of the Australian business.
Part of the 2030 strategy includes pumping $1 billion each into sustainability and moving milk into higher milk products.
McBride says the co-op is still committed to investment targets for sustainability, higher-value products and R&D.
However, he points out that return to shareholders and unit holders had anticipated divestments including Soprole and a stake in the Australian business.
"Even thoughwe have since decided not to sell a stake in our Australian business, we are still committed to targeting a significant capital return to our shareholders and unit holders.
"We need to be mindful that we retain the asset in Australia, and the earnings associated with it. The amount of any capital return will be determined by the successful completion of the divestment programme as well as the co-op's financial position at the time."
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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