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.
Farmers supplying Fonterra’s Wagga Wagga factory in the NSW Riverina have been offered a new pricing agreement aimed at taking the volatility out of milk income.
After years of farmer lobbying, the processer offered a ‘cap and collar’ option, which will put a floor and a ceiling on the farmgate milk price for three years.
About 20 farmers from Wagga Wagga and Finley districts supply the factory that produces Riverina Fresh products for the east coast market.
Euberta farmers Neil and Simone Jolliffe say they’ve sought this certainty since buying their farm seven years ago.
“When we bought the farm we were on A56 cents/L and the following year we dropped to A36c,” Jolliffe says.
“It’s come at a good time for us. We’re looking to grow the business but we didn’t want to grow it and take a big hit like we did in 2009. Now we’ve got an assurance that for the next three years this will be our price.”
Neil Jolliffe estimates this will mean his milk cheque will only fluctuate by about 4 cents/L over the next three years.
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.
The Ministry for Primary Industries (MPI) has informed staff it will cut 391 jobs following a consultation period.