increase font size
René Dedoncker has been named CEO-elect for the Mainland corporate brand.
Fonterra has updated its plan to divest its global consumer business and integrated businesses, Fonterra Oceania and Fonterra Sri Lanka.
The co-op is looking at both a sale and an Initial Public Offering (IPO). A new corporate brand has also been announced as part of the process.
Miles Hurrell, chief executive of Fonterra, says the co-operative’s decision to pursue a divestment is grounded in an understanding of where it creates the most value for farmers and where there is further room to grow.
He says the co-operative is clear on its strategy and has a pathway to grow further value for both farmer shareholders and the New Zealand economy through its foodservice and ingredients businesses.
“At the same time, we recognise the responsibility we have to find the right steward for iconic brands such as Anchor, Mainland, and Western Star and an ownership structure that allows these businesses to continue to grow,” Hurrell says.
In November 2024, Fonterra announced that it would pursue both a trade sale and an Initial Public Offering (IPO) as potential methods for divestment.
“Our intention is to thoroughly test the terms and value of both a trade sale and IPO before selecting an option to put to farmer shareholders for a vote,” Hurrell says. “Ahead of that, we are today indicating the next steps that are required in both processes.”
As part of the trade sale process, Fonterra will be engaging with potential buyers of the consumer and associated businesses in the coming weeks.
At the same time, as part of the preparation for a potential IPO, Fonterra has named key management team members and chosen a corporate brand for the entity if it is to be publicly listed.
Hurrell says Mainland Group as the corporate brand for the group if it continues with the IPO.
“The Mainland brand has strong New Zealand dairy heritage and is also well known by consumers in New Zealand, Australia and across many of our global markets,” he says.
René Dedoncker has been named CEO-elect for the brand.
“René is currently Fonterra’s managing director global markets consumer and foodservice, leading the businesses in scope for divestment,” Hurrell says.
“He joined Fonterra in 2005 and has held several global leadership positions during that time. He has led our Australian business since 2017, including through its recent merger with Fonterra Brands New Zealand to form Fonterra Oceania,” he adds.
Paul Victor will serve as CFO-elect for Mainland Group.
“Paul has joined Fonterra from ASX-listed Incitec Pivot Limited, where he was Chief Financial Officer. Paul brings more than 30 years of experience, working across functions including finance, treasury, tax, financial planning and analysis, control, M&A, investor relations and IT,” Hurrell says.
“René and Paul are very capable leaders with the experience to take these businesses forward into their next phase. Both will lead roadshow meetings with potential investor groups, commencing in March.”
Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.
OPINION: Farmer shareholders of two of New Zealand's largest co-operatives have an important decision to make this month and what they decide could change the landscape of the dairy and meat sectors in New Zealand.
OPINION: As CEO of the Dairy Board in the 1980s I was fortunate to work with a team of experienced and capable executives who made most of the brand investments that created the international consumer business Fonterra inherited. Soprole in Chile was the largest, but there were more than 20 countries where consumer marketing companies were established and Anchor and other brands were successfully launched.
Fonterra has delivered a fifth straight year of record organic milk price for farmer suppliers.
Fonterra says favourable weather conditions supporting pasture growth is boosting milk production.
Like many manufacturers around the world, European agricultural machinery and tractor manufacturers are currently operating in a difficult market environment. But they are heading to the world’s largest agricultural machinery event in Hanover next month with a degree of cautious optimism.
Established in 2021, the John Deere Technician of the Year Awards champion the important contribution parts and service technicians make to the Australian and New Zealand agriculture, construction and forestry industries.
Beef + Lamb New Zealand (B+LNZ) is calling on farmers from all regions to take part in the final season of the Sheep Poo Study aiming to build a clearer picture of how facial eczema (FE) affects farms across New Zealand.
New Zealand is closer to eradicating bovine TB than ever before, but possums remain a threat, says Beef + Lamb New Zealand.
Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.
The ACT Party says media reports that global dairy giant Nestle has withdrawn from the Dairy Methane Action Alliance shows why New Zealand needs to rethink its approach to climate.
