Friday, October 23, 2020

Fonterra Sells Off China Farms

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New Zealand dairy co-op Fonterra is selling its two farming hubs and a majority stake in another farm in China to local interests for NZ$2.5 billion to pay down its debts. Fonterra’s two farming hubs in Yutian County, Hebei province and Ying County, Shanxi province will be purchased by Inner Mongolia Natural Dairy Co., a subsidiary of China Youran Dairy Group Limited. The sale is pending anti-trust and regulatory approvals in China and is due to be completed within this financial year. Beijing Sanyuan Venture Capital has separately agreed to buy Fonterra’s 85 percent stake in its Hangu farm for NZ$42 million. Miles Hurrel, Fonterra’s CEO, said the decision to sell is in line with its strategy to focus on Kiwi products. He also said Fonterra had demonstrated its commitment to the development of China’s dairy industry when it built its farms there in 2012. “We’ve worked closely with local players, …

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