Fonterra unveils first electric refrigerated truck
Fonterra has unveiled the first refrigerated electric truck to deliver dairy products across Auckland.
Fonterra is selling its troubled China Farms business.
The farms, carrying 31,000 milking cows housed in a feedlot system, are now worth $500 million.
Over the past 10 years the co-op has invested over $1 billion in the farms with very little returns.
In its interim results announced last week, the co-op wrote down another $61m from the farms’ value. Last year it wrote down $200m.
Fonterra chief financial officer Marc Rivers says “new information” led to the latest writedown.
“Clearly as you go through a sales process, you get new information: this has to be considered as you look at value of assets on your book.
“The writedown reflects that, as we closed out the half year.”
Fonterra is also reviewing its joint China farming venture with Abbotts.
Rivers says it is continuing to look for opportunities to improve the performance of the business: the joint venture suffered a $65 million impairment to align with China Farms’ sale process and ongoing animal management costs.
Fonterra is also selling its joint venture stake in DPA Brazil: the co-op wrote down $31m in DPA’s value.
Fonterra has unveiled the first refrigerated electric truck to deliver dairy products across Auckland.
Research and healthcare initiatives, leadership and dedication to the sector have been recognised in the 2025 Horticulture Industry Awards.
Virtual fencing and pasture management company Halter says its NZ operations has delivered a profit of $2.8 million after exclusion of notional items.
Manuka honey trader Comvita slumped to a $104 million net loss last financial year, reflecting prolonged market disruption, oversupply and pricing volatility.
The Government has struck a deal with New Zealand's poultry industry, agreeing how they will jointly prepare for and respond to exotic poultry diseases, including any possible outbreak of high pathogenicity avian influenza (HPAI).
The conversion of productive farmland into trees has pretty much annihilated the wool industry.
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