Co-op chief executive Theo Spierings has told its annual meeting in Hamilton today that it will "invest money in the business not buildings".
Answering a question from shareholder Lindsay Blake, Spierings says the co-op is keen to house its Auckland staff in one building. Currently Auckland staff is housed in three locations.
"We're looking for a Fonterra united, housing all employees in one building. This will be cost effective as well."
But he ruled out a $100m new head office reported in the media.
"We are not investing $1 on a new building," he says.
Blake told the meeting a flash office would do nothing to boost the co-op's turnover.
