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Fonterra Co-operative Group Ltd has today announced the internal appointment of two new management team members to help lead the Co-op’s step-change in strategic direction and announced an executive team member moving into a new role.

Fonterra Co-operative Group Ltd has today announced a step-change in its strategic direction, as it commits to deepening its position as a world-leading provider of high-value, innovative dairy ingredients.

Fonterra Co-operative Group Ltd’s FY24 Interim Results were announced today. Fonterra Australia delivered EBIT of NZ$42m (AU$39m). This was down 43% vs the first half of last year, mainly due to the high cost of milk in Australia, which is disconnected from global commodity prices.

Fonterra is integrating two important parts of its business, Fonterra Brands New Zealand (FBNZ) and Fonterra Australia. Together, this part of our business will be known as Fonterra Oceania.  

Following several months of negotiations, Fonterra Australia is pleased to confirm that an in-principle agreement has been reached with the United Workers’ Union to support production workers at our Cobden, Stanhope and Darnum sites.

The United Workers’ Union have advised that some Fonterra Australia production workers at our sites in Cobden, Darnum and Stanhope in Victoria will take industrial action on Wednesday 18 and Thursday 19 October 2023.

Fonterra Australia delivered EBIT of NZ$75 million (AU$69.3 million) in FY23, while paying a record-high milk price for Australian farmers and managing an operating cost increase of 23% on FY22.

For more than two decades, Fonterra’s Proud to be a Chef program has helped to fast-track the careers of almost 800 apprentice chefs, providing an unparalleled opportunity to learn from the best in the business and refine their culinary skills.

Fonterra Australia has announced an opening weighted average milk price for the 2023/24 season of $8.65/kgMS. This price is made up of the minimum monthly rates set out in Fonterra Australia’s milk supply agreement, together with standard production and quality incentives.