Fonterra completes $552m sale of China farms

6th April 2021 By Staff Reporter | news@foodticker.co.nz | @foodtickernz

Fonterra has sold its two China farming hubs in Ying and Yutian to Inner Mongolia Youran Dairy Co.

The co-op was waiting for anti-trust clearance and other regulatory approvals in China, which had now been received.

Fonterra said the deal comprised of the original sale price of $513m plus $39m in settlement adjustments, giving cash proceeds of $552m.

The completion of the sale of Fonterra’s 85% interest in its Hangu farm to minority shareholder Beijing Sanyuan Venture Capital Co. was expected to be completed this financial year.