Fonterra defends struggling Chinese partner as long-term investmentCHRISTEL YARDLEY/FAIRFAX NZ Fonterra says Chinese market conditions are difficult for all dairy industry players. Fonterra's Chinese business partner Beingmate expects its loss for last year to be about double its previous forecast. The Chinese infant formula company said it forecasted a loss of between $150.8 million and $160.9m in 2016, up from last year's forecast for a loss of between $76.4m and $82.4m. "Our partnership with Beingmate is a long-term investment to grow in the domestic infant formula market." The distribution of its Anmum infant formula brand had grown from 60 cities in China in 2015 to more than 170 cities.

Source: Stuff January 25, 2017 01:58 UTC