A strong performance in the 2021-2022 financial year prompts the New Zealand owners of dairy giant Fonterra to back away from potentially selling its Australian business, with profits expected to continue increasing.
abc.net.au/news/fonterra-australia-dairy-financial-year-profits-up-16-per-cent/101464858New Zealand dairy processor Fonterra has backed away from potentially selling its Australian business after reporting a year of increased revenue and profit.
The decision ends a year of speculation about the possible change in ownership of one of Australia's largest milk processors. "[Australian] milk production has been declining year on year, which means that there is less milk for us to process, which means we need less plants in our system," Saputo president Lino Saputo Junior told a conference in Canada.Fonterra has been able to maintain its milk supply from Australian farmers despite the tightening market.
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