Fonterra completes sale of wholly-owned China farm hubs

Fonterra has brought NZ technology to Chinese dairy farms (Deposit Photos).

Thu, 01 Apr 2021

Fonterra has booked $552 million from the sale of two of its Chinese dairy farms, offsetting costs and operational losses over the last decade amounting to more than $1 billion from a direct investment foray it is now abandoning.The direct investments in Chinese farming began under former chief executive Andrew Ferrier and were pushed by his successor, Theo Spierings, before the incumbent, Miles Hurrell, began divesting offshore assets as part of a major strategic shift.“Fonterra has contributed to the development of the Chinese dairy ind...

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