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Tag Archives: dairy

Landcorp says 2015 earnings ‘on track’ despite weaker dairy prices

Landcorp Farming, New Zealand’s largest corporate farmer, said it doesn’t need to downgrade earnings guidance in the wake of falling dairy prices, after sheltering from volatility by locking in a guaranteed price at the start of the season. Dairy product prices slipped in this week’s GlobalDairyTrade auction to the weakest level in almost six years. State-owned Landcorp in October cut its forecast for this year’s …

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Synlait Milk offers suppliers a chance to earn significant premiums in US infant formula deal

Synlait Milk, the Canterbury-based dairy processor, has announced a new partnership with US baby products manufacturer, Munchkin Inc, that could offer its 161 farmer suppliers a chance to earn well above the normal payout. Munchkin, a privately-held Californian company known for designing, manufacturing, and distributing innovative infant and toddler products, is planning to launch a new Grass Fed branded retail-ready …

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Agria-controlled PGG Wrightson lifts annual earnings outlook; warns of weak farmer confidence

PGG Wrightson, the rural services firm controlled by China’s Agria Corp, lifted its annual earnings outlook as second-half trading comes in ahead of expectations, but warned weak farmer confidence may weigh on future sales. The Christchurch-based company expects annual operating earnings before interest, tax, depreciation and amortisation to be between $66 million and $69 million in the year ending June 30, above …

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Dairy doldrums keep Reserve Bank nervous

A slow recovery in global milk prices that’s weighing on the local dairy sector is making the Reserve Bank nervous, with the prospect of another sub-standard season threatening New Zealand’s national income. Global dairy prices halved last year as Chinese buyers scaled back their activity after stockpiling in 2013, and milk processors have pared back their expected payments to their farmer …

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Theo Spierings says he’ll fight to keep Fonterra’s 87% share of NZ milk in face of increased rivalry

Fonterra Cooperative Group chief executive Theo Spierings said he’s determined not to allow the dairy cooperative to fall below its current 87 percent share of the New Zealand milk pool, despite increased competition for supply. Spierings fronted up to the media this morning after widespread criticism of the dairy cooperative’s management performance following a weak half-year financial result, lower forecast dairy …

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Fonterra expects hundreds of layoffs of support staff as part of major review

Fonterra Cooperative Group, the world’s largest dairy exporter, said it will be laying off hundreds of its 1,500 head office and support function staff in a major reshape of the business following the global decline in dairy prices. Chief executive Theo Spierings has fronted up to media today about the restructure following widespread criticism over the dairy cooperative’s management performance at a …

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Danone Nutricia posts full-year loss, blames Fonterra scare

 Danone Nutricia, the French-owned infant formula maker, has reported a full-year loss it attributes to ongoing fallout from the Fonterra Cooperative Group’s botulism scare in 2013. The New Zealand subsidiary of the French food giant posted a loss of $1.19 million for calendar 2014, compared to a profit of $1.99 million a year earlier. Danone Nutricia ended its supply contract with …

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