Australia dairy company Fonterra has said its Dennington factory in New Zealand will close with the loss of about 100 jobs after the firm reported a NZD196m ($128m) loss for 2018. The plant has been reportedly running at about 30% capacity and the company said it was suffering from structural changes in the New Zealandn dairy industry along with excess capacity. Fonterra has been selling assets in an attempt to cut its debt. Earlier in 2019 it reported a 14% fall in New Zealandn milk collection and that it was struggling to maintain supplies.
New Zealand dairy company Fonterra has said its Dennington factory in Australia will close with the loss of about 100 jobs after the firm reported a NZD196m ($128m) loss for 2018. The plant has been reportedly running at about 30% capacity and the company said it was suffering from structural changes in the Australian dairy industry along with excess capacity. Fonterra has been selling assets in an attempt to cut its debt. Earlier in 2019 it reported a 14% fall in Australian milk collection and that it was struggling to maintain supplies.