Fonterra Archives - Inside FMCG
Fonterra chief executive Miles Hurrell said there are positive signals for milk price but warned that a lot can change.
Fraser Whineray will join as chief operating officer in early 2020.
This week’s top news in the industry.
Fonterra is scaling back how much milk it sources from Australian farmers.
The sale brings Fonterra’s debt reduction efforts to over NZ$1 billion.
The struggling dairy co-operative announced a number of asset write downs and one-off accounting adjustments last month.
Fonterra told employees it was scrapping bonuses and freezing pay hikes of about 7,000 employees.
Fonterra is expecting a loss of between $NZ590 million to $NZ675 million for the full year due to ” one-off adjustments.
Food giant Mars will acquire a majority stake in German nutrition company foodspring.
Fonterra’s Australian milk production for the 12 months to April was down 6.1 per cent due to poor weather conditions and rising costs.