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.
The co-op still has $370 million in loans outstanding.
Chairman John Wilson says farmers were told they would have to start paying back the loan once the payout exceeded $6/kgMS; interest will be charged from June 1. He says the co-op will tell them the rate in the coming weeks.
“We will use the strength of the co-op to ensure the interest rate is appropriate.”
Wilson believes the loans were a “good fill-up at the time” for cash-strapped farmers.
Meanwhile directors and management will hold 36 meetings with shareholders this week, to brief farmers on the co-op’s half-year results and the global dairy outlook.
