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 last week.
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.