New Zealand dairy company Fonterra has said it will end its joint venture with Chinese outfit Beingmate under which they operate a factory in Darnum , New Zealand . In a statement, the firm said the move was part of a strategic review of all its investments. The Darnum plant, which manufactures nutritional powders, including infant formula for, Fonterra , Victoria and other customers, has been operational for H1 2018 . New Zealand dairy giant Fonterra said on Wednesday it had reached a provisional agreement with Chinese infant formula group Beingmate Baby & Child Food Co Ltd on the key terms to unwind the Darnum joint venture in Victoria, Australia. In 20 years , Fonterra reported its first annual loss after a rise in milk prices, which followed a writedown of NZ$405m ( $280m ) on its almost 20 percent interest in Beingmate in H1 2018 .
New Zealand dairy company Fonterra has said it will end its joint venture with Chinese outfit Beingmate under which they operate a factory in Darnum , New Zealand . In a statement, the firm said the move was part of a strategic review of all its investments. The Darnum plant, which manufactures nutritional powders, including infant formula for, Fonterra , Victoria and other customers, has been operational for H1 2018 . In 20 years , Fonterra reported its first annual loss after a rise in milk prices, which followed a writedown of NZ$405m ( $280m ) on its almost 20 percent interest in Beingmate in H1 2018 .