Business
Fonterra sells Chinese farms for half a billion dollars – RNZ
The dairy giant has sold two farming hubs for $513 million as it continues to find ways to pay down debt.
Fonterra will sell its China farms to a local company for half a billion dollars, as it continues to find ways to pay down debt.
Fonterra chief executive Miles Hurrell. Photo: RNZ / Dan Cook
The deal, which was finalised over the weekend, saw the dairy giant’s two farming hubs in Ying and Yutian sold for $513 million, and in a separate deal it agreed to sell its 85 percent stake in a local farm for $42m.
Fonterra chief executive Miles Hurrell said establishing the farms in China was tough.
“…
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