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Fonterra Sales Agreement With Argentina's Sancor

Media Release
7 December 2004

FONTERRA SIGNS SALES AGREEMENT WITH ARGENTINA'S SANCOR

Fonterra has signed an agreement with Argentina's biggest dairy co-operative, SanCor Co-Operativas Unidas Limitada, to market and distribute SanCor's dairy ingredients outside Argentina.

While details of the exclusive sales agreement are confidential for commercial reasons, the deal will see Fonterra sell on SanCor's behalf all its bulk commodity exports, predominantly milkpowder and cheese, under SanCor brandnames.

Fonterra Chief Operating Officer Jay Waldvogel said the agreement, which recognises Fonterra's global marketing strengths, makes sense for both parties.

"Argentina's dairy industry is recovering well after a period of slow growth and we welcome the opportunity to partner with one of that country's leading dairy producers and exporters."

SanCor Chief Executive Officer Jorje Strika also welcomed the agreement.

"We're looking forward to the benefits the partnership will provide."

- Ends -


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