Fonterra consumer business sale price jumps to $4.22b
The sale price of Fonterra’s global consumer and associated businesses to the world’s largest dairy company Lactalis has risen to $4.22 billion.
Fonterra chairman John Monaghan says the co-op is not broken but still needs to change.
He told about 130 shareholders at the co-op’s annual meeting in Invercargill last week that there is a lot of commentary on “the Beingmates and China Farms, so it’s important to bring some balance to those conversations”.
“We have a milk price that is consistently on par with our peers in Europe and the US. We should be incredibly proud of that milk price.
“It doesn’t just fall from the sky. We work to deliver it every day and it benefits every New Zealand farmer, rural community and our national economy.”
But Monaghan says the co-op needs to change: to take the best things from the past and adapt them for the future.
He says the co-op has also learnt to listen more to its farmer shareholders and other stakeholders.
“When we listened to our farmers, unit holders, customers, partners and other stakeholders, they told us they wanted to be part of our co-op, but we needed to show up differently.
“I hope you’ve seen change in the way we communicate with you. Doing more listening than talking, and taking what I call ‘the shine’ off our language has improved the standing of our co-op in many people’s minds.
“Our new purpose is already guiding our decisionmaking, culture and behaviour as an organisation.”
Monaghan urged shareholders to judge the board by its actions more than its words.
“When you look at our key milestones for the year, you see a co-op doing what it said it would.
“Last year I was humbled to stand up at the annual meeting for the first time as your chairman. We signalled that day that there would be fundamental change in the co-op and you wouldn’t die wondering. We have delivered on that commitment.”
The Government has struck a deal with New Zealand's poultry industry, agreeing how they will jointly prepare for and respond to exotic poultry diseases, including any possible outbreak of high pathogenicity avian influenza (HPAI).
The conversion of productive farmland into trees has pretty much annihilated the wool industry.
OPINION: Productive whole farmlands conversions into forestry are becoming a thorny issue for the Government.
Thus far in 2025, the Hawke's Bay rescue helicopter crew have completed over 220 missions, resulting in numerous positive patient outcomes.
The New Zealand Food Network's (NZFN) fifth birthday celebrations have been boosted by a whopping five tonne meat donation from meat processor ANZCO.
Pukekohe vegetable growers farewelled 101-year-old Alan Wilcox in late July, celebrating his many achievements and reflecting the widespread respect in which he was held.
OPINION: Milking It reckons if you're National, looking at recent polls, the dream scenario is that the elusive economic recovery…
OPINION: Sydney has a $12 million milk disposal problem.