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Fonterra completes sale of China JV farms

Fonterra completes sale of China JV farms
The New Zealand co-op sold two other wholly owned China farming hubs earlier this year.
By Anca Voinea
Dairy giant Fonterra has sold two joint venture farms in China to Singapore-based AustAsia Investment Holdings for US$115.5m.
Fonterra owned the farms with a joint venture partner, and had a 51% stake in the business. As such, it has received NZ$88m in total asset sale proceeds.
Fonterra CEO Miles Hurrell said the sale allowed Fonterra to focus more on its farmer owners’ milk. The New Zealand co-op sold two other wholly owned China farming hubs earlier this year. ....

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Unilever's Neelesh Suryavanshee joins Fonterra as SEA marketing GM

Unilever's Neelesh Suryavanshee joins Fonterra as SEA marketing GM
marketing-interactive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketing-interactive.com Daily Mail and Mail on Sunday newspapers.

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Fonterra sells stake in China farms for $88m as it shrinks its global footprint

Tina Morrison12:22, Jun 28 2021
Ross Giblin/Stuff
Fonterra chief executive Miles Hurrell is selling overseas assets and turning the co-operative’s focus back to New Zealand milk.
Fonterra has agreed to sell its half stake in two farms in China for $88 million, as it pulls back from global expansion.
The co-operative agreed to sell the joint venture farms in Shandong province in China to Singapore-based AustAsia Investment Holdings for US$115.5m (NZ$163m), it said in a statement. Fonterra expects to receive $88m for its 51 per cent stake in the venture.
Under the leadership of chief executive Miles Hurrell, the co-operative has turned its focus back to its core New Zealand milk business, selling overseas assets and underperforming plants and reducing costs and debt to bolster its profits. ....

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Business Scoop » Fonterra Agrees Sale Of China JV Farms

Press Release – Fonterra
Fonterra has agreed the sale of its two joint venture farms in China, with the sale expected to be completed on 30 June. The farms in Shandong province will be sold to Singapore-based AustAsia Investment Holdings for USD 115.5 million. Fonterra, …
Fonterra has agreed the sale of its two joint venture farms in China, with the sale expected to be completed on 30 June.
The farms in Shandong province will be sold to Singapore-based AustAsia Investment Holdings for USD 115.5 million.
Fonterra, which owns the farms with a joint venture partner, has a 51% stake in the business and will receive NZD 88 million in total asset sale proceeds, which includes cash on completion. ....

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Fonterra Agrees Sale Of China JV Farms

Monday, 28 June 2021, 11:35 am
Fonterra has agreed the sale of its two joint venture
farms in China, with the sale expected to be completed on 30
June.
The farms in Shandong province will be sold to
Singapore-based AustAsia Investment Holdings for USD 115.5
million.
Fonterra, which owns the farms with a joint
venture partner, has a 51% stake in the business and will
receive NZD 88 million in total asset sale proceeds, which
includes cash on completion.
The sale of the JV farms
is unconditional and requires no further regulatory
approvals.
Fonterra CEO Miles Hurrell says the sale is
another important milestone for the Co-operative and aligns ....

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