Fonterra buys NZ Dairies’ milk powder plant from receivers 15 Jun 2012
- NZ dollar trades near 3-year low, fails to break below US74c Business
- Equine industry joins GIA biosecurity agreement Sport
- Unlikely prospect of RBNZ rate cut rears head Business
- NZ dollar falls to 3-year low as investors favour greenback Business
- World Week Ahead: Eyes on Fed, Greece Business
- Tainui's Mike Pohio resigns Recruitment
- Kathmandu appoints Xavier Simonet as new chief executive Business
- NZ govt operating deficit smaller than expected Business
- Windflow to sack staff as UK, NZ energy markets remain slow Business
- NZ dollar holds at 2 1/2 year low as investors mull outlook Business
Fonterra buys NZ Dairies’ milk powder plant from receivers
May 18 (BusinessDesk) – Fonterra Cooperative Group has agreed to buy the South Canterbury milk powder plant of New Zealand Dairies, the Russian-owned company the went into receivership last month.
No price was disclosed for the plant at Studholme, which can process about 150 million litres of milk a year. NZ Dairies and related companies Studholme Corp and Dairy Exports New Zealand were placed in receivership by secured creditor VTB Capital, a Moscow-based investment bank.
Fonterra chief executive Theo Spierings said the factory will complement the cooperative’s new plant at Darfield, which is due to start processing milk in August.
Fonterra” has clearly identified the importance of growing milk volumes and optimising our New Zealand manufacturing operations,” he said.
As part of the deal NZ Dairies’ existing farmer-suppliers will be offered the opportunity to supply Fonterra on contract and become shareholders within six years, it said.
Earlier this year, NZ Dairies' Russian parent Nutritek was declared bankrupt after missing repayments on a 403 million ruble loan to Russian lender UniCredit. Nutritek was set up in 1990 and had operations in Russia and the Ukraine, as well as the New Zealand milk processing factory.
Receivers Colin Gower, Stephen Tubbs and Brian Mayo Smith of BDO Chartered Accountants weren’t immediately available to comment.
The purchase is subject to Commerce Commission approval.
25 Jan 2015 News
Treena Ruwhiu is already well known to many Rangi girls and families as she has been a senior and much respected member of the... more
26 Jan 2015 Environment
A series of photographs taken over 10 years has revealed the dramatic changes to one of New Zealand's most famous glaciers. The Massey... more
26 Jan 2015 Business News
By Paul McBeth Jan. 26 (BusinessDesk) - New Zealand shares rose to a new record close as holidays in Auckland and Australia kept... more
26 Jan 2015 Arts
Local entries into an international photo competition for young people to mark World Wetland Day are encouraged by Hawke’s Bay... more
23 Jan 2015 Property
NZ expert sees factors behind Irish house crash happening here. Precisely the same factors that plunged Ireland into its housing... more
23 Jan 2015 Migration
Newcomer settlement support agency Auckland Regional Migrant Services (ARMS) is kick-starting the New Year with the return of its ... more
23 Jan 2015 NZ Tourism
Need some inspiration for the year ahead? Here are some brilliant things to do around the country. 1. Crankworx The world's... more
26 Jan 2015 Equestrian
Primary Industries Minister Nathan Guy has welcomed a fourth primary industry to the GIA partnership today. The New Zealand Equine... more
23 Jan 2015 Column
So the US has been holding talks in London this week with its 21 coalition allies, on how best to co-ordinate the military response... more
22 Jan 2015 Column
Column - Gordon Campbell Gordon Campbell on the election in Greece, and EU turmoil The election in Greece on Sunday –... more
16 Jan 2015 People
Science and Innovation Minister Steven Joyce has welcomed the news that Kiwi scientist Dr Phil Rolston has been awarded the Chinese ... more
23 Jan 2015 Recruitment
By Fiona Rotherham Jan. 23 (BusinessDesk) - Mike Pohio, chief executive of Tainui Group Holdings, has resigned after eight years at... more
22 Jan 2015 Recruitment
By Suze Metherell Jan. 22 (BusinessDesk) - Activity in New Zealand's manufacturing sector rose last month to its highest level in a... more