Fonterra to slash Australian brands to restore profitability as rivalry intensifies

Tue, 26 Mar 2013

March 27 (BusinessDesk) – Fonterra Cooperative Group plans to slash its consumer brands in Australia to restore profitability as competition intensifies for both milk supply and retail sales. The company’s ANZ division, which produces consumer products and ingredients in Australia and New Zealand and runs the RD1 rural supplies chain, posted a 32 percent decline in normalised earnings before interest and tax in the first half to $98 million. Of that, EBIT from Australian consumer brands fell 31 percent while New Zealand consumer brand earning...

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