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.
Fonterra is looking at more business in Iran following the recent lifting of UN sanctions.
The Ministry of Foreign Affairs confirmed it has started the process of updating its regulations and removing the UN sanctions, which it expects to complete next month.
Fonterra managing director global ingredients, Kelvin Wickham says Iran is a valuable trading partner and a key butter market for Fonterra.
'The removal of the UN sanctions, and our Government's unwinding of restrictions, will only improve the outlook for us in Iran."
With a population of nearly 80 million and long-standing customer relationships in Iran, Fonterra expected continued growth in the market.
"Our customers in Iran are growing and we're seeing them make significant investments in infrastructure and capacity to meet demand," says Wickham.
"We have skilled people in the region who understand the opportunities and potential of doing business in Iran, and who welcome more normalised trade relations."
The UN Security Council recently endorsed a deal to end years of economic sanctions on Iran in return for curbs on its nuclear programme.
Sanctions are unlikely to be removed until next year, as the deal requires approval by the US Congress. Nuclear inspectors must also confirm that Iran is complying with the deal.
While the Iranian and US presidents have been promoting the accord, hardliners in Tehran and Washington have spoken out strongly against it.
However, many European companies have already shown interest in re-establishing business in Iran, with Germany sending its economy minister Sigmar Gabriel on the first top level government visit to Tehran in 13 years together with a delegation of leading business figures.
South Waikato farm manager Ben Purua’s amazing transformation from gang life to milking cows was rewarded with the Ahuwhenua Young Maori Farmer award last night.
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.