Coutts appointed chair-elect of Mainland Group
Fonterra has named Elizabeth (Liz) Coutts the chair of Mainland Group, the proposed divestment entity of the co-operative’s consumer business.
Troubled Chinese infant formula company Beingmate has sold a subsidiary, despite opposition from cornerstone shareholder Fonterra which owns an 18.8% interest.
Beingmate Baby & Child Food Company announced last week that the board has given a green light to sell its fully owned subsidiary Hangzhou Beingmate Dou Dou Children Nutrition Food Co.
An earlier attempt to sell the company was blocked by the board in January because Beingmate B&C was planning to sell it to founder Sam Xie’s associated company.
This time B&C says it will not be sold to related parties.
Fonterra opposed the sale because the Dou Dou company owns a manufacturing plant located on valuable land within a China national heritage zone. The value of this land is expected to soar when its heritage status is approved by the UN.
Fonterra believes Beingmate is selling the land for less than its true value.
The co-op will this week announce its half-year results, expected to contain an update on its $750m investment in Beingmate and another writedown of the value of its 18.8% shareholding.
Fonterra paid $750 million for its stake in Beingmate; the Chinese company’s shares have recently been changing hands at about RMB 5.56, versus the RMB 18 Fonterra paid for them.
Rural retailer Farmlands has launched a new casual clothing range available across 42 stores nationwide and through its online store.
Federated Farmers says the health and safety changes announced this week by the Government represent the start of overdue reforms.
The Government is calling on rural New Zealanders to share their views on proposed regulations designed to improve the management of farm plastic waste.
For many urban New Zealanders, stepping into Pāmu’s Pinta dairy farm near Taupo last month was the first time they had had the chance to experience farm life up close.
After tasting 240 New Zealand made cheeses, judges have bestowed medals upon 199 of the entries.
Bay of Plenty’s top share farmers Andre and Natalie Meier are no strangers to the New Zealand Dairy Industry Awards winning circle.
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