Fonterra chief executive Miles Hurrell is turning the focus of the cooperative to New Zealand milk. Fonterra Cooperative Group has sold its Ying and Yutian farming hubs in China for $552 million, as it pulls back from global expansion. The company first announced the sale to Inner Mongolia Youran Dairy Co in October last year, and said anti-trust and other regulatory approvals have now been received. An additional $39m of settlement adjustments have boosted the original sale price of $513m. It has previously said the funds would be used to pay down debt.

Source: Stuff April 01, 2021 06:45 UTC