Fonterra Chairman John Wilson and CEO Theo Spierings will lead a Board of Directors visit to China next week to meet with Fonterra management and key stakeholders.
Mr Wilson said the Co-operative’s Board had already planned to visit China in early September for Directors to meet with Fonterra staff and stakeholders, and view progress on Fonterra’s farming hub in Yutian.
“Now that it has been confirmed that there was no Clostridium botulinum in our whey protein concentrate, we need to address any remaining concerns our stakeholders in China might have. . .
Victoria and Otago Marketing academics provide expert comment on the Fonterra crisis:
Although it is good news that Fonterra received the ‘all clear’ from the Ministry for Primary Industries yesterday, a lot more needs to be done to restore New Zealand’s reputation, say academics from Victoria University of Wellington and the University of Otago.
Dr Hongzhi Gao, Senior Lecturer in Marketing at Victoria Business School and Senior Research Fellow of the New Zealand Contemporary China Research Centre, says the New Zealand government and business communities still have a big job ahead to ensure the official findings filter through to the global market.
“Negativity was so widely spread overseas that a proper public relations campaign needs to be planned and implemented in key dairy export markets, including China. If it is done well, the crisis may be turned into an opportunity for New Zealand’s brand,” says Dr Gao. . .
(BusinessDesk) – PGG Wrightson, the rural services company controlled by China’s Agria Corp, sold its stake in Heartland New Zealand for $11.3 million to reduce debt.
Christchurch-based Wrightson sold 13.18 million shares in Heartland, the parent of the country’s newest bank, through a brokerage yesterday at 84 cents a share, a 3.4 percent discount to the 87 cent share price Heartland was trading at immediately prior to the sale. Wrightson acquired the stake as part of the sale of its finance arm to Heartland.
“It wasn’t a strategic holding for us, it’s not our core business,” said company secretary Julian Daly. The stock price “was at a level that we were satisfied with.” . . .
Independent commissioner Michael Savage has granted land use consent to Chinese company Yashili NZ Dairy Co Ltd to construct and run a $220 million infant formula plant in Pokeno.
This follows a three day hearing which took place on Wednesday 31 July – Friday 2 August at the Waikato District Council Chambers in Ngaruawahia.
The Council’s Regulatory Committee appointed Michael Savage as the independent Commissioner to hear the application, which received 27 submissions with five submitters heard at the hearing. . .
Synlait Milk will process more milk than forecast following a decision to take a significant allocation of milk under the Dairy Industry Restructuring Act in the financial year to 31 July 2014.
The decision was made after further planning and a small investment in plant and equipment resulted in an opportunity to increase production capacity of its ingredient products without impacting the forecast infant formula and nutritional products business.
The extra milk will result in an increase to the forecast milk supply and production volumes of its ingredient products as stated in the prospective financial information (“PFI”) of its prospectus issued in June 2013. While early in the season the additional total production provides the Company with increased confidence in achieving its forecast financial result for FY2014. . .
Federated Farmers West Coast says New Zealand’s second largest dairy cooperative, Westland Milk Products, has now joined the ‘good news club.’ The cooperative has revised its 2013/14 forecast payout to a range of $7.60-8.00 per kilogram of milk solids (kg/MS), with a new advance rate of $5 kg/MS.
“It has been one hell of an August. I even saw someone at Federated Farmers head office tag it as dairying’s ‘mensis horribilis’,” says Richard Reynolds, Federated Farmers West Coast Dairy chairperson.
“Frankly, West Coast farmers like me are counting down to 20 September when we get the advance. After the rare West Coast drought this year, we’ve got more than an overdraft to start clearing. . .