9th May 2022 Fonterra
Fonterra has dropped its forecast milk price range for the season from $9.30 – $9.90 per kgMS to $9.10 – $9.50 per kgMS.
Fonterra is expanding its on-farm trials of methane reducing Asparagopsis seaweed.
Dairy company Fonterra has criticised the conclusions of a report commissioned by its largest competitor for New Zealand raw milk, Open Country Dairy, on the likely impact of its proposed restructuring.
Fonterra has reported a fall in milk production of 8.2% in New Zealand in February, when compared with the same month last year, according to its latest global dairy update.
Dairy giant Fonterra is exiting its businesses in Russia and withdrawing from a joint venture partnership with Unifood.
A higher milk price heaped pressure on the dairy co-op’s foodservice and consumer margins, leading to a fall in interim profit.
Dairy giant Fonterra and MG Marketing have scooped a couple of key accolades at this year’s Cooperative Business New Zealand Annual Awards.
Fonterra’s New Zealand milk collection dropped 6.1% to in January compared with the same month last year.
The move is understood to affect only a small amount of product, primarily butter.
Fonterra is to operate New Zealand’s first electric 46T milk tanker.
Fonterra has lifted its farmgate milk price for the second time this year off the back of a rise in global prices and increased demand.
Fonterra-owned Anchor has launched its plant-based milk bottles in supermarkets in the South Island.
Fonterra is selling down its 100% ownership of the Global Dairy Trade platform, bringing in the European Energy Exchange and the New Zealand Stock Exchange.
Fonterra shareholders have overwhelmingly backed changes to the co-op’s capital structure with 85.16% of farmer votes supporting them.
The dairy co-op’s first quarter EBIT falls 24% drop and it revises earning guidance down as its milk price forecast hits a new high.
Fonterra’s proposed changes to its capital structure will be put to a shareholder vote on 9 December.
The tie-up is part of the exporter’s expansion of its higher value active living ingredient business.
Dairy giant Fonterra has hiked its 2021/22 farmgate milk price range to $7.90 – $8.90 per kg of milk solids, with a midpoint of $8.40 per kg, up from $8.
Dairy company Fonterra has joined the Medical Nutrition International Industry (MNI), which represents companies that offer specialised nutrition solutions and services designed to meet the needs of patients.
Dairy company Fonterra wants to increase the value of its $3bn foodservice business, Anchor Food Professionals, to $5bn.
The 350 biggest global food firms are assessed on their environmental, nutritional and social impact. Who is leading and who is lagging?
Fonterra’s consumer dairy brand, Anchor, has launched a new brand platform ‘A Taste of Home’ with a fully integrated brand campaign.
Covid-19 has changed consumer behaviour helping to drive Fonterra’s consumer brands, says CEO Miles Hurrell.
A strategy reset will see billions invested in “differentiating NZ milk on the world stage” to drive the co-op up the value chain.
Fonterra says it cut its greenhouse gas emissions from coal by 11% in one year thanks to the conversion to renewable wood pellets at its Te Awamutu site.
Fonterra, Zespri, and Foodstuffs are heavyweights in NZ’s top 30 co-operative rankings.
Fonterra’s calculation of the base milk price it will pay farmers in the 2020/21 dairy season is consistent with the Dairy Industry Restructuring Act (DIRA), says the Commerce Commission.
Fonterra has started the new season with production up across the board, according to the firm’s Global Dairy Update for July.
Fonterra is to stop using coal at its Stirling cheese plant in Otago, moving to wood biomass to fire the site by August 2022.
The manager of the Fonterra Shareholders’ Fund is continuing to discuss the dairy group’s capital structure proposals in confidence with Fonterra and with advisers, as it awaited more details regarding the future of the fund.
Farmer feedback set to shape Fonterra’s revised capital structure proposal, according to the dairy co-operative.
The Financial Markets Authority has found no evidence to press forward with action against Fonterra regarding the timing of accounting write-downs for Beingmate Baby and Child Food Co and the China Farm assets.
The Commerce Commission has updated its approach paper outlining the framework it applies when reviewing both how Fonterra sets its annual base milk price and the Milk Price Manual used to set the base milk price.
Fonterra’s New Zealand milk collection for May 2021 was 75.3 million kgMS, 7.7% higher than the same month last year.
Fonterra is offloading its two joint venture farms in China to Singapore-based AustAsia Investment Holdings for $163m.
Around 4,000 Fonterra co-operative members have so far attended a consultation meeting or joined a webinar about the proposed changes to the group’s capital structure, according to an update from the co-op’s council.
Fonterra will contribute $12bn to the New Zealand economy in the next season, says the co-op’s chief executive, Miles Hurrell.
Research from PwC found NZ is one of the most co-operative economies globally.
Preferred option for capital structure review would dismantle or cap fund that gives outside investors access to co-op.
Fonterra yesterday went into a trading halt ahead of an announcement about its capital structure, expected this morning.
Fonterra has sold its two China farming hubs in Ying and Yutian to Inner Mongolia Youran Dairy Co.
New Zealand milk production increased 3% on a litres basis in February 2021, compared to February last year.
The co-op says it will remove coal from its sites, as it continues its transition to renewable energy.
The co-op said it was “pleased” with its results as the previous period’s earnings were inflated by asset sales.
The co-op’s shareholders have indicated support for an overhaul of the dairy giant’s structure.
Fonterra has lifted its 2020/21 farmgate milk price range forecast for the second time in two months.
Fonterra has lifted the bottom end of its 2021 forecast earnings guidance and narrowed the range to 25-35 cents per share, from 20-35 cents per share.
Global giant teams up with Fonterra and DairyNZ to co-fund plantain project in effort to reduce emissions.
The Commerce Commission says it is “satisfied” with Fonterra’s milk prices.
The dairy co-op joins BECA, EECA and Firstgas Group in backing the research.
Strong demand for NZ dairy has seen the co-op lift its milk price forecast and report Q1 earnings of $250m.
Fonterra is on the “home straight” of its turnaround and well-positioned to face continued Covid-19 induced global uncertainty, according to chief executive Miles Hurrell
Former lawyer Cathy Quinn has been appointed to Fonterra’s board of directors.
The dairy co-op returns to sustainable earnings as it continues to tackle environmental challenges.
Fonterra released its Global Dairy Update last week with the latest data.
The Commerce Commission has today released its draft report on Fonterra’s Farmgate Milk Price Manual.
Fonterra is planning to pay down debt with $555m from the sale of farms it has developed in China.
Fonterra has posted an after tax profit of $659m for the year to July 2020, a $1.3bn turnaround from the $605m loss it made the previous year.