New Zealand dairy company Fonterra has said it will end its joint venture with Chinese company Beingmate under which they operate a factory in Melbourne , Victoria . In a statement , the firm said the move was part of a strategic review of all its investments . The Darnum plant , which produces nutritional powders , including infant formula for , Fonterra , Beingmate and other customers , has been operational for 20 years . In September , Fonterra reported its first annual loss after a drop in milk prices , which followed a loss of NZ$405 million ( $ 280 m ) on its almost 20 % 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, Victoria. 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, Beingmate and other customers, has been operational for 20 years. In September, Fonterra reported its first annual loss after a rise in milk prices, which followed a writedown of NZ$405m ($280m) on its almost 20% interest in Beingmate in H1 2018.