Fonterra chief executive Theo Spierings has been appointed chairman of Global Dairy Platform (GDP).

Fonterra is fast tracking $100 million worth of milk plant upgrades in Australia.

Fonterra chairman John Wilson says the board has no regrets over its $700 million investment in troubled Chinese child nutrition trader Beingmate.

Fonterra is set to become Australia’s largest milk processor following an exodus of suppliers from a troubled rival.

Fonterra is defending chief executive Theo Spierings’ hefty $8 million pay packet, saying he hit “far-reaching and demanding targets” set by the board.

Fonterra has lifted its forecast farmgate milk price for the 2017-18 season by 25c to $6.75/kgMS.

Long-term independent director David Jackson will retire from Fonterra’s board in November.

Fonterra's revenue of $13.9 billion for the first nine months of 2016-17 is up 8% on the same period last year as a result of higher milk prices.

Fonterra chief executive Theo Spierings says a good net profit and a strong balance sheet are crucial for the co-op’s future.

Fonterra’s chief financial officer Lukas Paravacini will head the co-op’s global consumer and foodservice business from June.