Data sharing initiative wins national award for saving farmers time
The work Fonterra has done with Ballance Agri-Nutrients Ltd, LIC and Ravensdown to save farmers time through better data connections has been recognised with a national award.
Fonterra says its new partnership in India is an example of how the co-op is doing things differently.
The launch of Fonterra’s food service business with Indian partner Future Group is described as “a capital light partnership”.
Speaking at Fonterra’s annual meeting in Invercargill today, chief executive Miles Hurrell said the venture combines the co-op’s dairy knowledge and know-how, with Future’s Group’s access to market, established customer base, and strong marketing and distribution networks.
“Combine these two skill sets together and you get more than the sum of its parts.”
Through this partnership Fonterra will be exporting its Anchor Food Professionals products from New Zealand to India, where demand for dairy is expected to grow at seven times the rate of China over the next decade.
“And the reason I raise this as an example is because I believe it highlights the change in our thinking,” Hurrell told about 200 shareholders at the meeting.
“In the past, we thought we needed to have physical assets on the ground in order to succeed. “We also had a wall of milk coming at us – which is not the case today.
“Now, under our new strategy, we are looking to leverage our dairy know-how through partnerships, which will allow us to exploit our intellectual property and enter markets that we might not otherwise have had access to, and to do so in a capital light way.
Hurrell says this is something Fonterra is looking to do more of under its new strategy.
Managing director of Woolover Ltd, David Brown, has put a lot of effort into verifying what seems intuitive, that keeping newborn stock's core temperature stable pays dividends by helping them realise their full genetic potential.
Within the next 10 years, New Zealand agriculture will need to manage its largest-ever intergenerational transfer of wealth, conservatively valued at $150 billion in farming assets.
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