Wednesday, 07 July 2021 13:55

Fonterra China farms sold

Written by  Staff Reporters
Fonterra chief executive Miles Hurrell. Fonterra chief executive Miles Hurrell.

Fonterra will pocket $88 million following the sale of its two joint venture farms in China.

The farms in Shandong province were sold to Singapore-based AustAsia Investment Holdings for US$115.5 million.

Fonterra owns the farms with a joint venture partner and had a 51% stake.

Fonterra hief executive Miles Hurrell says the sale is another important milestone for the co-operative and aligns to its strategy of prioritising New Zealand milk.

"The sale of the JV farms allows us to focus even more on our farmer owners' milk and follows the sale of our two wholly owned China farming hubs earlier this year.

Fonterrs sold its two wholly owned China farming hubs in Shanxi and Hebei provinces to Inner Mongolia Youran Dairy in April for $552 million."

More like this

$1b windfall for shareholders

Fonterra's plan to return $1 billion to shareholders in three years through the divestments of overseas milk pools is the right move, according to Waikato farmer Andrew McGiven.

National

Why should we do more?

OPINION: Managing our dairy sector's impacts inevitably attracts a range of views. Should we do more, less or stay the…

Cattle sale with a difference

Innovation, loss and resilience have brought the Singh family to the point where it is poised to honour its patriarch,…

O'Connor's overseas odyssey

Agriculture Minister Damien O'Connor continued his overseas odyssey in the past week with multiple meetings in the US, Europe and…

Machinery & Products

Protective tint

Now available in New Zealand, Wildcat Static Cling Tint adds a protective layer to the windows of your tractor, harvester…

New owner for stoll

German company Stoll, the well-known manufacturer of tractor front loaders and attachments that claims to be the second largest producer…

Fert spreaders get a revamp

Kuhn has updated its MDS range of fertiliser spreaders, giving farmers more options to upgrade machines as situations change, rather…

Mowers spring into action

With spring upon us, thoughts turn towards shutting up paddocks for conservation and maybe the purchase of new machinery to…

» The RNG Weather Report

» Latest Print Issues Online

Milking It

Feeling the heat

US dairy farmers have a new threat to their business - heat waves.

Class action

The news has gone from bad to worse for a2 Milk - the company Synlait had hitched its wagon to.

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter