Fonterra trims board size
Fonterra’s board has been reduced to nine - comprising six farmer-elected and three appointed directors.
The Beingmate board's formal approval (previously announced on October 29, 2015) was approved by the Beingmate shareholders in China on November 16.
The joint venture will manufacture nutritional powders, including infant formula and other nutritional milk powders, at Darnum in Australia, for Fonterra and Beingmate, and other customers.
Beingmate will own 51% of the JV and Fonterra will retain a 49% stake, and run the plant operation.
Last August, Fonterra and Beingmate announced that they intended to form a global partnership to help meet China's growing demand for infant formula. In March this year Fonterra acquired 18.8% of Beingmate.
The partnership will create a fully integrated global supply chain from the farm gate direct to China's consumers, using Fonterra's milk pools and manufacturing sites in New Zealand, Australia, and Europe.
