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Dairy Farmers Welcome Bonlac Investment Proposal

Dairy Farmers Welcome Bonlac Investment Proposal

Fonterra's proposed joint venture with the Australian Bonlac Supply Company would provide great opportunities for New Zealand dairy farmers, says Dairy Farmers of New Zealand Chair Kevin Wooding.

The proposed joint venture would see Fonterra increase its stake in Bonlac from 25% to 50%, with Fonterra focusing on international marketing and Bonlac on milk collection and processing.

"The joint venture would build on the strengths of both companies, consolidating Fonterra's presence in Australia and creating a stronger globally competitive business, said Mr Wooding.

"It is important to note that Fonterra has stated they will not be underwriting Bonlac Foods or maintain an artificial milk price for Bonlac's farmers. New Zealand farmers will expect commercial returns for their capital investment.

"After a disappointing season I have high expectations that this new venture will deliver the efficiency gains and marketing opportunities that New Zealand farmers expected as a result of dairy industry restructuring.

"I hope Australian dairy farmers will embrace this opportunity at their Supplier Shareholder's meetings over the next week."

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