The company statement said details about the unwinding will be revealed at its quarterly update later this week. 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. The move follows the announcement of an Australian government review into China's trade practices. 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.
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. The move follows the announcement of an Australian government review into China's trade practices. 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.