Winston Peters calls Fonterra vote result 'utter madness'
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
Fonterra has received approval by the Beingmate Baby and Child Food board to establish a joint venture to purchase the co-op's Darnum plant in Australia.
Fonterra chief executive Theo Spierings says China is a key strategic market, and the global partnership with Beingmate provides significant growth potential for both companies.
"The partnership will create a fully integrated global supply chain from the farm gate direct to China's consumers, using Fonterra's milk pools and manufacturing sites in New Zealand, Australia, and Europe."
Spierings says working with Beingmate creates additional demand for ingredients and high-value paediatric and maternal nutrition products made from Fonterra milk, complemented by milk drawn from other international milk pools.
"The Beingmate Board's approval is a further important step in our partnership. It is also another milestone in our strategy to increase the volume and value of products we export to China."
The joint venture will manufacture nutritional powders, including infant formula and other nutritional milk powders, at Darnum in Victoria, for Fonterra and Beingmate and other customers.
Beingmate will own 51% of the joint venture and Fonterra will retain a 49% stake, and run the plant operation.
"Our partnership with Beingmate is already strengthening the presence of our Anmum infant formula brand. Distribution through Beingmate is underway, with the first shipments landed in China in June," says Spierings.
"Beingmate has an extensive distribution and sales network with significant growth potential and the company continues to pursue a leading position in the China infant formula market."
The Beingmate Board's approval of the joint venture will be put to a vote of Beingmate shareholders at an EGM on November 16.
In August 2014, Fonterra and Beingmate announced they planned to form a global partnership to help meet China's growing demand for infant formula. In March this year, Fonterra acquired 18.8% of Beingmate.
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.
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