Coutts appointed chair-elect of Mainland Group
Fonterra has named Elizabeth (Liz) Coutts the chair of Mainland Group, the proposed divestment entity of the co-operative’s consumer business.
Fonterra has received approval by the Beingmate Baby and Child Food board to establish a joint venture to purchase the co-op's Darnum plant in Australia.
Fonterra chief executive Theo Spierings says China is a key strategic market, and the global partnership with Beingmate provides significant growth potential for both companies.
"The partnership will create a fully integrated global supply chain from the farm gate direct to China's consumers, using Fonterra's milk pools and manufacturing sites in New Zealand, Australia, and Europe."
Spierings says working with Beingmate creates additional demand for ingredients and high-value paediatric and maternal nutrition products made from Fonterra milk, complemented by milk drawn from other international milk pools.
"The Beingmate Board's approval is a further important step in our partnership. It is also another milestone in our strategy to increase the volume and value of products we export to China."
The joint venture will manufacture nutritional powders, including infant formula and other nutritional milk powders, at Darnum in Victoria, for Fonterra and Beingmate and other customers.
Beingmate will own 51% of the joint venture and Fonterra will retain a 49% stake, and run the plant operation.
"Our partnership with Beingmate is already strengthening the presence of our Anmum infant formula brand. Distribution through Beingmate is underway, with the first shipments landed in China in June," says Spierings.
"Beingmate has an extensive distribution and sales network with significant growth potential and the company continues to pursue a leading position in the China infant formula market."
The Beingmate Board's approval of the joint venture will be put to a vote of Beingmate shareholders at an EGM on November 16.
In August 2014, Fonterra and Beingmate announced they planned to form a global partnership to help meet China's growing demand for infant formula. In March this year, Fonterra acquired 18.8% of Beingmate.
Rural retailer Farmlands has launched a new casual clothing range available across 42 stores nationwide and through its online store.
Federated Farmers says the health and safety changes announced this week by the Government represent the start of overdue reforms.
The Government is calling on rural New Zealanders to share their views on proposed regulations designed to improve the management of farm plastic waste.
For many urban New Zealanders, stepping into Pāmu’s Pinta dairy farm near Taupo last month was the first time they had had the chance to experience farm life up close.
After tasting 240 New Zealand made cheeses, judges have bestowed medals upon 199 of the entries.
Bay of Plenty’s top share farmers Andre and Natalie Meier are no strangers to the New Zealand Dairy Industry Awards winning circle.
OPINION: Is it the beginning of the end for Greenpeace?
OPINION: The good times felt across the dairy sector weren't lost at last week's Beef + Lamb NZ annual meeting.