Fonterra Sells Consumer Brands: Farmer Agreement Reached
- Fonterra has agreed to sell its Mainland and Perfect Italiano brands to French dairy company Lactalis for $285 million.
- * Winston Peters (New Zealand First): Strongly criticized the sale, calling it "utter madness" and "economic self-sabotage." He expressed concern about the long-term security of New Zealand farmers...
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Fonterra Sells Brands to Lactalis for $285 Million
Fonterra has agreed to sell its Mainland and Perfect Italiano brands to French dairy company Lactalis for $285 million. The deal includes the sale of processing plants in victoria and Tasmania, Australia.
Reactions to the Sale:
* Winston Peters (New Zealand First): Strongly criticized the sale, calling it “utter madness” and “economic self-sabotage.” He expressed concern about the long-term security of New Zealand farmers and the potential for Lactalis to terminate milk supply agreements after six years.
* Peter McBride (Fonterra Chairman): dismissed Peters’ comments as “hysterical nonsense,” stating that the decision was made carefully by farmers.