Fonterra to sell Beingmate stake

摘要

Fonterra is looking to sell a portion of its stake in Beingmate Baby & Child Food Company, which is currently a shareholding of 18.8%. Chief executive Miles Hur-rell says the decision is part of Fonterra's three-point plan to turn around the business: "One aspect of this plan was to take stock of our business. As part of this, we have re-evaluated every investment, major asset and partnership to ensure they still meet the co-operative's needs today. "This started with a strategic review of our relationship with Beingmate, which has been disappointing. "The first action in this review was bringing the distribution of Anmum in China back in-house under our management. We then ended the Darnum joint venture with Beingmate, bought back its share of our Darnum facility in Australia, and entered into a multi-year agreement for Beingmate to purchase ingredients.