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.
Fonterra's plan to return $1 billion to farmer shareholders and unit holders within two years remains on track.
This is despite the co-op shelving plans to offload part of its Australian business.
Fonterra chief executive Miles Hurrell says the co-operative remains committed to the capital return.
But he adds that things will depend on the co-op’s debt position and the how much the Soprole business in Chile will fetch.
As part of its strategy to 2030, Fonterra set a goal of a return of about $1 billion to shareholders and unitholders from divestments including Soprole and a stake in the Australian business.
But after looking at options, Fonterra has decided to maintain full ownership of the Australian business.
Australia plays an important role in our consumer strategy with a number of common and complementary brands and products and as a destination for our New Zealand milk solids,” says Hurrell.
“The business is going well, and it will play a key role in helping us get to our 2030 strategic targets.
“Even though we have decided not to sell a stake in our Australian business, we are still committed to targeting a significant capital return to our shareholders and unitholders.
“The amount of any capital return will ultimately be determined on a number of factors, including the successful completion of the divestment programme as well as our ongoing debt and earnings levels.”
'A lot of interest and positive responses' appears to be the way farmers are viewing the Government's initiative to hold a series of woolshed meetings around the country.
A Southland farming leader wants the regional council to delay a proposed regional rates hike, much of which is intended to fund flood protection works.
Rural Women New Zealand (RWNZ) says access to personal banking services in rural communities is fundamental to promoting outcomes that benefit Kiwi consumers.
A group set up to boost education and promotion of wool says it has made positive strides during the first year of its three-year strategy.
Meat processor ANZCO Foods says despite a challenging business environment, it has posted a net profit before tax of $61 million for 2023.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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