newly Zealand dairy cooperative Fonterra has revealed plans to combine its Chinese consumer and dairy service and ingredients businesses into one unit , with the search already underway for a division head . dairy CEO Miles Hurrell said the strategy crystallised China ’s importance to the company , which accounts for around 25 % of all exports . he said the strategy would also enable value - saving synergies , as the company aims to focus on value , rather than volume . Fonterra posted a net profit of NZD557 m ( $ 350 m ) for the year to 31 July .
New Zealand dairy cooperative Fonterra has revealed plans to combine its Chinese consumer and food service and ingredients businesses into one unit, with the search already underway for a division head. Fonterra CEO Miles Hurrell said the strategy crystallised China’s importance to the company, which accounts for around 25% of all exports. Hurrell said the move would also enable cost-saving synergies, as the company aims to focus on value, rather than volume. Fonterra posted a net loss of NZD557m ($350m) for the year to 31 July.