Staff cuts on the cards as Fonterra seeks $1b in cost savings

Fonterra downgraded its forecast milk collections for the 2023-24 season. (Image: Fonterra)

Fri, 01 Sep 2023

Fonterra has signalled it will make staff cuts as part of plans to reduce its costs by around $1 billion over the next seven years.Chief executive Miles Hurrell said the cost reductions would help offset higher inflation expectations in an email to its shareholder farmers. It would achieve the reductions through operational efficiencies, digitising business processes and reducing cash costs.“While this focus on efficiencies will have implications for staff numbers, we don’t want this to be at the expense of driving growth.”New...

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