Friday, April 12, 2024

Fonterra to merge NZ and Aussie businesses

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Fonterra Oceania will capitalise on ‘many complementary aspects’ between the two.
Fonterra chief executive Miles Hurrell says fertiliser prices are coming off their highs and maybe the OCR has reached a peak, according to the Reserve Bank governor.
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Fonterra will integrate Fonterra Brands New Zealand and Fonterra Australia into a single entity called Fonterra Oceania. 

In a letter sent to farmers, Fonterra chief executive Miles Hurrell says the change will strengthen its trans-Tasman offering in what is an increasingly competitive marketplace. 

“Our businesses in Australia and New Zealand have many complementary aspects and integrating them builds on these strengths,” he writes.

Fonterra Brands New Zealand includes consumer brands and foodservice businesses, among them Anchor, Mainland and Kāpiti, and the Australian milk pool will continue to provide the milk solids for Fonterra’s Australian brands and ingredients.

Fonterra processes milk from Australian farmers at eight sites across Victoria and Tasmania for brands including Perfect Italiano, Mainland, Western Star and Bega.

The integration will be effective from May 1 of this year. Fonterra Australia managing director René Dedoncker will lead the new Fonterra Oceania team. 

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