Strong growth for Yili's NZ operations
Chinese dairy giant Yili Group says its New Zealand operations are on track for strong revenue growth in 2025 after recording significant year-on-year growth for the first half of the year.
The proposed sale of Westland Milk to Chinese company Yili is causing alarm among social media users.
Questions are also being posed about the Government’s $10 million soft loan to Westland Milk.
Yili will pay $588 million for dairy co-op Westland Milk, it was announced overnight.
Late last year, Westland Milk secured a $9.9 million loan from the Government to help build a new plant in Hokitika as part of the Government’s Provincial Growth Fund. Some farmers and politicians considered the loan to be using taxpayers as a bank.
It was revealed this month that the Treasury argued against the Government loan. One reason being that the dairy co-op was having problems obtaining a loan from its bank on acceptable terms and the Government would then be acting as a lender of last resort.
On Twitter the reaction to a co-op being sold off to a foreign company is being questioned.
Megan Hands described the Westland-Yili deal as awkward.
Well this is a bit awkward given Shane Jones just gave Westland a taxpayer funded loan... https://t.co/t3zoPS84Xd
— Megan Hands (@HandsMegan) March 18, 2019
On Facebook, Allen Collinson asked, "So what happens to the 10mill of tax payers money Shane Jones gave them??"
Dairy farmer Alexander Rentoul said he hoped the loan would be paid back with interest.
Another dairy farmer, Matthew Herbert, noted that the guaranteed minimum payout matching Fonterra could be a drawcard for Westland suppliers, who he says have often been paid 50c to a dollar less per kgMS than if they supplied Fonterra.
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.
OPINION: The phasing out of copper network from communications is understandable.
Driven by a lifelong passion for animals, Amy Toughey's journey from juggling three jobs with full-time study to working on cutting-edge dairy research trials shows what happens when hard work meets opportunity - and she's only just getting started.
OPINION: Westland Milk may have won the contract to supply butter to Costco NZ but Open Country Dairy is having…
OPINION: The Gene Technology Bill has divided the farming community with strong arguments on both the pros and cons of…