Medals galore for Fonterra cheeses
Fonterra cheeses are continuing their golden run at the annual New Zealand Cheese Awards.
Fonterra has paid $30 million to boost its stake in struggling Chilean milk processor Prolesur.
The 13.6% stake bought from Fundación Isabel Aninat takes the co-op’s stake in Prolesur to 99.9%.
Prolesur, based in southern Chile which sells most of its production to Soprole, a leading consumer branded dairy company in Chile and is 99.9% owned by Fonterra.
The remaining 0.1% of Prolesur’s shares are held by minority shareholders, which Fonterra will offer to purchase at the same price per share being paid to the Fundación for its shareholding.
Fonterra chief executive Africa, Middle East, Europe, North Asia and the Americas (AMENA) Kelvin Wickham says the acquisition allows Fonterra to simplify the interface between Prolesur and Soprole and take steps to better integrate the two businesses.
Both Prolesur and Soprole have faced challenging trading conditions in recent years.
“Having the two more closely integrated will generate operating efficiencies across the supply chain from milk collection, to processing and administration,” says Wickham.
“It also allows us greater flexibility as we focus on realising the best value for the co-op from our businesses in Chile in line with our new strategy.”
Fonterra’s new strategy focuses on using mostly milk from its New Zealand farmer suppliers to supply dairy products around the world.
It is looking at streamlining overseas milk pools; China, Chile and Australia.
Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
The opportunity to spend more time on farm while providing a dedicated service for shareholders attracted new environmental manager Ben Howden to work for Waimakariri Irrigation Limited (WIL).
Federated Farmers claims that the Otago Regional Council is charging ahead unnecessarily with piling more regulation on rural communities.
Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.
OPINION: We have good friends from way back who had lived in one of our major cities for many years.