Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
The co-operative's chief executive officer for Asia-Pacific Judith Swales says the focus remains on the safety and wellbeing of its people and their families. "We are continuing operations, albeit at limited capacity, and doing our best to make food nutrition available.
"Even in difficult times, our Sri Lanka team continues to amaze and get new products to market.
"Just the other week they launched a new innovation - a tea blend 3 in 1 - as an accessible nutrition solution for our consumers and customers."
Fonterra employs around 600 people in Sri Lanka, a key consumer and foodservice market.
Fonterra has a manufacturing facility where it processes milk from Sri Lankan farmers, supplying dairy to Sri Lanka and surrounding countries.
Its brands are well recognise with Ratthis and Anchor the number one and two dairy brands in the country.
Sri Lanka descended into turmoil after its 22 million population couldn't access basic food items, fuel and medicines. People took to the streets, forcing the President to flee the country.
Swales believes that as a resilient nation Sri Lanka will come out of its challenges.
"In the meantime, we will continue our care for our people and their families and keep the business running so that nutritious dairy is available."
Historically it has been a good performing market for the co-op.
It is a dairy consuming nation, whether that be milk powders for tea and dessert or yoghurts and drinking milks.
