Thank god
no more anchor in Sri lanka
New Zealandâs Fonterra Co-operative Group Ltd said it was planning to fully or partially sell down its Sri Lanka assets as part of a strategy to exit its retail businesses worldwide.
âWe have conducted a strategic review which has reinforced the role of our core business,â Chairman Peter McBride
âThis is working alongside farmers to collect a sustainable supply of milk and efficiently manufacture products valued by customers, to deliver strong returns to farmer shareholders and unit holders.â
The firm will continue to provide milk components to other food manufacturers and also the food service industry.
We believe we can grow further value for the Co-op by focusing on being a B2B dairy nutrition provider, working closely with customers through our high-performing Ingredients and Foodservice channels,â Chief Executive Miles Hurrell said.
Fonterra will appoint advisors and expects to exit retail businesses in the next 12 to 18 months.
Unsolicited interest has already been expressed in some of the retail assets.
In Sri Lanka Fonterra has a number of brands including Anchor and Rathni milk as well as youghurt and ready to drink dairy products.
Ownership of the businesses are not required for the co-operativeâs core function of serving the farmers.
âWe believe in prioritizing our Ingredient and Foodservice channels and releasing the capital in our Consumer and associated business would generate more value,â Fonterra said in a presentation to shareholders.
âA divestment could allow a new owner with the right expertise and resources to unlock the full potential of these businesses.
âWe would expect to continue supplying milk to these brands through Ingredients and supply agreements.
âWe have also received unsolicited interest in parts of these businesses.â
no more anchor in Sri lanka
New Zealandâs Fonterra Co-operative Group Ltd said it was planning to fully or partially sell down its Sri Lanka assets as part of a strategy to exit its retail businesses worldwide.
âWe have conducted a strategic review which has reinforced the role of our core business,â Chairman Peter McBride
âThis is working alongside farmers to collect a sustainable supply of milk and efficiently manufacture products valued by customers, to deliver strong returns to farmer shareholders and unit holders.â
The firm will continue to provide milk components to other food manufacturers and also the food service industry.
We believe we can grow further value for the Co-op by focusing on being a B2B dairy nutrition provider, working closely with customers through our high-performing Ingredients and Foodservice channels,â Chief Executive Miles Hurrell said.
Fonterra will appoint advisors and expects to exit retail businesses in the next 12 to 18 months.
Unsolicited interest has already been expressed in some of the retail assets.
In Sri Lanka Fonterra has a number of brands including Anchor and Rathni milk as well as youghurt and ready to drink dairy products.
Ownership of the businesses are not required for the co-operativeâs core function of serving the farmers.
âWe believe in prioritizing our Ingredient and Foodservice channels and releasing the capital in our Consumer and associated business would generate more value,â Fonterra said in a presentation to shareholders.
âA divestment could allow a new owner with the right expertise and resources to unlock the full potential of these businesses.
âWe would expect to continue supplying milk to these brands through Ingredients and supply agreements.
âWe have also received unsolicited interest in parts of these businesses.â
