Fonterra sells New Zealand Farms to China for $555m

Fonterra sells New Zealand Farms to China for $555m

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An early morning announcement on October 5 made by Fonterra to media tells the recent sale made for $555 million which in RMB that is 2.5 billion*1 was a complete joke especially for New Zealand's independence of keeping our own land for our own people.

The Chinese company Inner Mongolia Natural Dairy Co Ltd, which is a subsidiary of China Youran Dairy Group Limited agreed to purchase two farming hubs by Fonterra in Ying and Yutian for $513 million which is RMB 2.31 billion*1.

Fonterra CEO Miles Hurrell says that by building the farms, the company has been able to demonstrate its commitment to the growing development of the Chinese dairy industry.

“We’ve worked closely with local players, sharing our expertise in farming techniques and animal husbandry, and contributed to the growth of the industry.

Fonterra also has sold 85% interest separately in its Hangu farm to Beijing Snyuan Venture Capital Co Ltd for $42 million which in RMB is 190 million *1.

“We don’t shy away from the fact that establishing farms from scratch in China has been challenging, but our team has successfully developed productive model farms, supplying high-quality fresh milk to the local consumer market. It’s now time to pass the baton to Youran and Sanyuan to continue the development of these farms,” concludes Fonterra CEO Miles Hurrell.

Image: shutterstock.com

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