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.
In a statement released this morning, the corporate farmer gave no reason for his decision. He was reportedly on a shortlist for the Fonterra chairmanship, which becomes vacant when Henry van der Heyden retires in December. However, last week Fonterra announced John Wilson as the chairman-elect.
Armer says for many years he has been a strong supporter of the New Zealand dairy industry and an advocate for Fonterra's important work.
"I will continue to be," he says.
Armer thanked shareholders that have supported him in the past and says he will continue to support the cooperative model in the future.
He says he has nothing but praise for the Fonterra chief executive and the management team. He made no mention of the board.
Armer says he will not be available for further comment.
Recently Armer's company Armer Farms (NI) entered a guilty plea in Tauranga District Court to a charge of unlawful discharge of dairy effluent at a Maketu farm two years ago and was fined $72,000.
