Farmers' call
OPINION: Fonterra's $4.22 billion consumer business sale to Lactalis is ruffling a few feathers outside the dairy industry.
Fonterra chairman John Monaghan says Tip Top’s new owner, Froneri is doing a great job looking after its former employees.
He told the co-op’s annual meeting in Invercargill today that selling Tip Top wasn’t easy.
“We knew it wouldn’t be a popular decision with some of you, but it was the right call.
“Was it an iconic business? Yes. Was it on strategy and a key part of our future? Definitely not.
“Once we took the emotion out of the process, making that call was easy: we divested it as a mature asset for a great price.”
Monaghan says Froneri has retained all former Fonterra employees, who have kept their jobs as part of the deal.
Fonterra has used the proceeds to help reduce debt levels and give it more options for the future.
It has sold its stake in Venezuelan consumer joint venture, Corporacion Inlaca, and its 50% share of DFE Pharma – a joint venture with FrieslandCampina.
“We are considering our options for our ownership of our China Farms, Dairy Partners Americas which is our joint venture in Brazil, and have begun the process of sellingdown our 18.8% shareholding in Beingmate.”
Academic Dr Mike Joy and his employer, Victoria University of Wellington have apologised for his comments suggesting that dairy industry CEOs should be hanged for contributing towards nitrate poisoning of waterways.
Environment Southland's catchment improvement funding is once again available for innovative landowners in need of a boost to get their project going.
The team meeting at the Culverden Hotel was relaxed and open, despite being in the middle of calving when stress levels are at peak levels, especially in bitterly cold and wet conditions like today.
A comment by outspoken academic Dr Mike Joy suggesting that dairy industry leaders should be hanged for nitrate contamination of drinking/groundwater has enraged farmers.
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