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Dairy Payout Reinforces Fonterra’s Co-Op Status

Media Release

30 January 2008

Dairy Payout Reinforces Fonterra’s Co-Op Status


New Zealand First says Fonterra is again proving it has the financial grunt to generate the money it needs for offshore expansion without risking the company by listing it on the stock exchange.

Primary production spokesperson, Doug Woolerton today welcomed Fonterra’s assurance that the $6.90 - $7.00 payout to farmers is not in jeopardy.

“It will be comforting news to dairy farmers facing a production pinch because of the dry period we are experiencing. Management and directors of Fonterra are to be congratulated on a fantastic year,” said Mr Woolerton.

“However, what a different scene it would be if Fonterra had to cope with a case of stock market jitters as we have recently experienced. Farmers would have a lot more to worry about.

“It would be crazy to put such a financially strong company at risk by exposing it to the whims of overseas and local market traders and ticket clippers.

“Compare the stability of the farmer owned co-operative of today with the mayhem of our stock markets. Wise and canny farmers will be doing just that over this period, and New Zealand First supports them.

“Hang on to this iconic company. New Zealand needs dairy farmers, and the dairy farmers need Fonterra,” said Mr Woolerton.


ENDS

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