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Fonterra is facing strong competition for milk supply in western Victoria.
Chief executive Theo Spierings says Warrnambool Cheese and Butter, now owned by Canadian processor Saputo, was providing stiff competition.
A farmer shareholder at Friday's special meeting asked Fonterra to confirm if it was losing milk suppliers in Australia.
Spierings says Fonterra is active in three regions of Australia; Tasmania, eastern, western and northern Victoria.
He says western Victoria is a challenge.
Spierings says Fonterra needs more milk in Australia and will be strongly fighting for more milk.
The co-op's new plant at Stanhope is bigger than the one it replaces and will need more milk.
Spierings noted that Fonterra has lowered its farmgate milk price in Australia and this would lead to some suppliers leaving.
In a follow-up to this old mutt’s piece two issues ago about Fonterra directors getting to grips with the co-op’s financial state and loudly sharing their dismay in the Koru club, another of the Hound’s spies has passed on more news in the ‘Fonterra director watch’ category.
Fonterra says there’s an urgent need to improve return on capital invested in the co-op by farmers and unit holders.
Fonterra has taken a $126 million hit over the sale of its stake in Venezuelan consumer joint venture, Corporacion Inlaca.
Fonterra is pulling out of a European joint venture as part of its portfolio review following last year’s disastrous financial results.
Fonterra says it has returned to profitability with a net profit of $80m for the first half of the 2019 financial year.
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