Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
Based in Wuhan, the new application centre will bring the co-op closer to the local market and enable rapid launch of innovative product applications in response to market trends and local customers' needs.
The co-op says application centres play a pivotal role in driving innovation and tailoring Fonterra's foodservice offerings to the tastes, culture and trends of the area in which they're located.
Speaking at the centre's opening ceremony this month, Teh-han Chow, Fonterra Greater China chief executive says Wuhan is renowned for its strategic location as a gateway to China's heartland and presents opportunities for high-quality development.
"Wuhan, as a strategic stronghold for the rise of central China and a new first-tier city, has been actively developing key industries such as beverage, premium tea and dairy products in recent years. It has become a culinary icon in central China with strong dining consumption momentum.
"Our application centre in Wuhan aims to not only service the strong demand in central China, but also support the development of the local dairy industry and expand its influence on the national market."
The newly opened facility will provide a platform to explore the use of Fonterra's dairy products across various foodservice channels. Fonterra's other application centres in China are in Beijing, Shanghai, Guangzhou, Chengdu and Shenzhen.
The Wuhan application centre is equipped with modern facilities, designed for customer visits and large-scale demonstrations. A team of Fonterra's technical experts and chefs are based at this application centre. They will help co-create diverse application scenarios and provide interactive experience for customers through product development seminars, demonstrations, and virtual live teachings.
Earlier this month, Fonterra announced that it would invest $150 million to build a new UHT cream plant at its Edendale site in Southland.
The investment is part of the co-operative's strategy to grow further value by expanding its Foodservice business in Asia and increasing production capacity for high-value products.
