Fonterra unveils divestment plan
Fonterra is exploring full or partial divestment options for its global Consumer business, as well as its integrated businesses Fonterra Oceania and Fonterra Sri Lanka.
Fonterra's outgoing chairman Henry van der Heyden has used his final speech as chairman to thank farmer shareholders for their support.
"You have all been a source of constant strength and motivation, especially during the harder yards," he told Fonterra's annual meeting in Hamilton today.
"But every one of those hard yards has been worth it. It was always my goal to hand over a strong, successful cooperative with a great future ahead of us. With your support and your commitment to make the bold calls when they matter most, I truly believe we've got there. Thank you. It has been a privilege."
Van der Heyden also thanked co-op directors, his wife Jocelyn, his family and the wider Fonterra family. He said right through his chairmanship, shareholders rewarded him with their trust.
"Your trust brings huge responsibilities with it. I've been very aware of that from the very first time I was elected as a director nearly 20 years ago. I have always seen it as shareholders giving me a very specific job, along with a clear message they will also hold me accountable.
"The job you gave me was always to do what's right for our cooperative. It has been to always look one step ahead for the opportunities to make us stronger, bigger, more profitable and truly global. And it has been to ensure we turned those opportunities into reality.
"I have had good role models for this job, starting with my parents. They were ambitious for our family, seeing opportunities for us to do better, even if it meant moving us half way across the world. They taught all of us kids to be ambitious for ourselves, because they knew that if you coast along, you will get left behind. Jocelyn and I have passed the same values on to our family – because like our parents, we want them to do better than we've done."
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.