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10 Jul 2020 15:09
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  •   Home > News > Rural

    Fonterra's boss is confident the company's made the right decision

    Fonterra's boss is confident the company's made the right decision


    Fonterra
    Fonterra
    The co-operative is forecasting a loss of up to 675-million-dollars for this financial year, as it writes down under-performing overseas assets .

    It's decided to not pay an annual dividend to the end of July - so it can pay off debt.

    Chief executive Miles Hurrell says he's determined to "front foot" the issue.

    He says the decision will impact farmers, their balance sheets and unit holders but knows it's the right thing to do to get the co-op back in shape.

    The annual loss will be Fonterra's second since its inception in 2001.

    © 2020 Newstalk ZB, NZCity


     Other Rural News
     26 Jun: Manawatu dairy farmer Andrew Hoggard is the new president of Federated Farmers
     26 Jun: Former Zespri chairman Peter McBride will lead the boardroom of the country's largest company
     26 Jun: Fonterra is replacing its retiring chairman John Monaghan with Tauranga dairy farmer and kiwifruit grower Peter McBride
     24 Jun: The global demand for sheep milk is growing, and Kiwi farmers are responding
     23 Jun: Fonterra farmers who produce sustainable, high quality milk will soon be eligible for a new payment of up to 10 cents per kg of milksolids
     15 Jun: Dairy farmers aren't overly optimistic that a wide ranging milk payout will be narrowed
     03 Jun: Dairy farmers have agreed to again bankroll their industry organisation
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