Fonterra cements position as the big cheese!
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
Fonterra is upping its game in nutrition science, announcing a new corporate ventures arm and a US$10 million investment in US biotech company Pendulum.
The corporate ventures arm - provisionally named Nutrition Science Solutions (NSS) – will operate as a standalone business within Fonterra with its own board and chief executive officer.
It will have access to the co-operative’s dairy science and innovation expertise, combined with the agility of a startup.
Chief executive Miles Hurrell says the business will incubate and scale a portfolio of disruptive ventures by developing solutions that combine science, nutrition, and technology to make a real impact on human health.
Hurrell says Fonterra is committed to staying at the forefront of nutrition innovation and creating new value streams for the co-op.
“When we released our long-term strategy in September 2021, we identified nutrition science solutions as an area with future growth potential.
“Nutrition science is a segment of the global health and wellness category that goes beyond everyday lifestyle and wellness products. Given our expertise in dairy science, we committed to exploring the potential for Fonterra to play more boldly in this space.”
NSS will seek out, partner with, and invest in global start-ups who will benefit from access to Fonterra’s dairy science expertise and understanding of the global market, while Fonterra will benefit from access to emerging technologies, advancements in science, and novel channels to market.
Fonterra’s chief innovation and brand officer Komal Mistry-Mehta will sit on the NSS board with another Fonterra-appointed director. The search for a CEO is underway.
As part of NSS's investment in Pendulum, Fonterra will get a minority shareholding, which Hurrell says hasn't been worked out yet.
The growth-stage San Francisco-based company specialises in targeting metabolic health through evidence-based microbiome solutions.
The partnership will see Pendulum and Fonterra establish a presence in global markets, co-develop and commercialise next generation microbiome products that are scientifically formulated to make measurable improvements to people’s health.
“This strategic partnership will enable Fonterra and Pendulum to leverage each other’s strengths – Fonterra’s innovation, manufacturing expertise and established leadership in global markets, together with Pendulum’s deep innovation, microbiome expertise and growing leadership in the US market,” says Hurrell.
Farmer-led charity, Meat the Need is calling for donations to enable it to supply more meals to families in need.
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
OPINION: Canterbury milk processor Synlait is showing no sign of bouncing back from its financial doldrums.
OPINION: It seems every bugger in this country can get an award these days.