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New Zealand consumer confidence surged to its highest level in three years in June, buoyed by improving economic prospects, rising house values, low interest rates and falling prices, according to the latest Westpac McDermott-Miller Consumer Confidence survey.
The Auckland-based cooperative is upgrading its Whareroa site, having spent $23 million improving the facility’s coolstore since 2011, it said in a statement. The plan is to reduce costs by keeping product stored near processing plants, and within easy access to ports. Construction is expected to be completed by August next year.
“This investment at our Whareroa facility will improve our logistics network’s storage capacity and address existing capacity restraints in the region,” director of logistics Mark Leslie said. “This means we are able to reduce the number of freight movements from where a product is manufactured through to delivery to the customer which reduces our carbon footprint and ultimately saves on transport costs.”
Fonterra is on a savings drive this year to strip out up to $65 million a year by eliminating 300 jobs by centralising services, cutting duplication and simplifying management structures.
Units in the Fonterra Shareholders’ Fund fell 0.4 percent to $7.20 today.