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NZMP Closes Sydney-Based Operations In Restructure

11 December 2001

As part of its restructuring process following the recent formation of Fonterra Co-operative Group Ltd, NZMP is closing its Sydney-based dairy ingredients trading operations. This includes winding up the operations of two companies – Australasian Dairy Ingredients Pty Ltd and Cottee Dairy Products Pty Ltd.

The Managing Director of NZMP, Mr Chris Moller, said the decision to close the Sydney-based operations was made after a thorough review of their relative value as part of the wider rationalisation process under way throughout the Fonterra group.

This follows other recent moves to rationalise the ingredients trading operations of NZMP in New Zealand. Mr Moller said there would be further rationalisation to ensure that merger benefits and synergies are realised. “We will continue to eliminate duplicated cost structures and inefficiencies as we move to create a unified organisation following the Fonterra merger,” he said.

END

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