Fonterra chief executive Theo Spierings says he is positioning the dairy giant to capitalise on the long-term surge in dairy consumption as he finalises Fonterra’s $700 million joint venture with China’s Beingmate and wrestles unprecedented volatility in world markets.
After booming to record highs of about $US5000 a tonne last year, milk powder prices have halved and Fonterra, which generates the bulk of its $NZ18.3 billion ($17.6 billion) in revenue from powders, has been scrambling to cope with the boom and bust.
Source: SMH