Fonterra sells Australian yoghurt, dessert business after $108 mln writedown

Tue, 15 Dec 2015

By Paul McBeth Dec. 16 (BusinessDesk) - Fonterra Cooperative Group, the world's biggest dairy exporter, has sold its Australian yoghurt and dairy dessert business to Parmalat Australia for an undisclosed sum, having written it down by $108 million in the 2015 financial year. The transaction is "not material in itself" and was disclosed as part of a broader shift in Fonterra's Australian business, which is expected to return to profit next year, the Auckland-based cooperative said in a statement. The deal is subject to regulatory and othe...

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