Fonterra Australia to build $141 million cheese plant in Victoria after fire last year

Wed, 02 Dec 2015

By Fiona Rotherham Dec. 2 (BusinessDesk) - Fonterra Cooperative Group's Australian unit will invest $141 million in building a new cheese plant at its Stanhope factory in Victoria after its former one was destroyed by fire a year ago. The dairy cooperative said the cost of the new cheese plant would be partly met by its insurance payout from the fire for damage and loss of business, the A$74 million it got from the sale of its 9 percent stake in Australia’s Bega Cheese in October, and other smaller recent divestments across the Tasman. It...

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