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Fonterra chief executive Miles Hurrell.
Fonterra chief executive Miles Hurrell says there are a lot of things happening in the co-op that don’t get mentioned.
He told the Fonterra annual general meeting in Lichfield today that the co-op launched three new divisions; paediatric ingredients, sport and active lifestyles and medical nutrition.
Hurrell says the new divisions will capitalise on the growth in these sectors.
Medical nutrition is expected to be worth $24 billion globally by 2020.
“Our focus is to help people who are ill or want to live longer healthier lives,” he says.
“As part of this, we developed a new medical drink which helps deliver quality protein to the body following an operation or chemotherapy.”
Hurrell says in March Fonterra teamed up with Foodspring, one of Europe’s fastest growing sports nutrition companies.
“They are looking for world-class dairy to support their brand and product portfolio in healthy eating, weight management and muscle-building categories, with products sold online across Europe and Asia.”
Hurrell says the new partnership enables the co-op to tap into the rapidly growing active nutrition category, currently valued at $200b.
OPINION: There is zero chance that someone who joined Fonterra as a lobbyist, then served as a general manager of Fonterra's nutrient management programme, and sat on the board of Export NZ, a division of lobbyist group Business New Zealand, doesn't understand that local butter (and milk and cheese) prices are set by the international commodity price.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
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