Dairy Farmers Concerns at Fonterra’s ‘Step Change’

Published on May 18, 2024

Farmers are concerned that the sale of dairy giant Fonterra’s Australian assets could drive the prices they get for their milk further down. The New Zealand company, which owns Western Star butter, Perfect Italiano cheese, and the Mainland brands, operates eight manufacturing sites across Victoria and Tasmania and employs some 1600 people. Chief executive Miles Hurrell has confirmed a “step-change”, a move that could include selling its Australian assets.  “We are exploring divestment options for our global consumer business as well as our integrated businesses Fonterra Oceania and Fonterra Sri Lanka,” he said on May 16. “We expect a divestment process to take at least 12 to 18 months. If we were to proceed with a divestment of this size we would seek shareholder support.”...

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