Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Name Announcement Creates Challenge

New Zealand’s biggest company will be called Fonterra Co-operative Group Ltd, its Chairman, John Roadley, announced today.

“A new name will initially mean little to shareholders, staff and the wider public,” Mr Roadley said. “Our challenge is to ensure Fonterra means something special to our shareholders, our staff and all New Zealanders within our first year.”

Mr Roadley said the process to develop the name took several months, was led by the board, and involved a small group of shareholders, industry executives, designers and lawyers. Care had to be taken that the name was not offensive in any language or already prominently in use internationally.

“At the end of that process, the board saw Fonterra as being associated with natural purity and the quality of products that flow from our land, while Fonterra Co-operative Group Ltd tells the world that we are a co-operative and proud of it,” Mr Roadley said.

“Within our first year, our goal is for our shareholders, sharemilkers and their families to associate Fonterra with outstanding service and performance. We want our staff to associate it with a place that they can excel and we want Fonterra to be where New Zealand’s top talent aspires to work. We want all New Zealanders to associate Fonterra with excellence in every respect.”

Fonterra Co-operative Group Ltd, with over NZ$11 billion in assets, will operate in 120 countries, employ 20,000 people, earn over 20 percent of New Zealand’s export receipts and generate seven percent of its GDP. It will be formed as a result of the merger between New Zealand Dairy Group and Kiwi Co-operative Dairies, incorporating the assets of the New Zealand Dairy Board.

The company will have two key operating units, NZMP and NEW ZEALAND MILK, and a small Corporate Centre based at Auckland International Airport.

NZMP will become responsible for the entire cow-to-customer value chain, including milk collection, manufacturing and logistics operations and the marketing of quality ingredients to customers around the world. Transportation and manufacturing functions currently carried out by New Zealand Dairy Group and Kiwi Co-operative Dairies will be part of NZMP, and the NZMP name will appear on trucks and factories.

NEW ZEALAND MILK will be Fonterra’s fast-moving global consumer goods company marketing a full range of health products, derived from milk. As well as its existing businesses throughout the world, it will own Australasian Food Holdings Ltd, which includes Mainland and Peters & Brownes. Its companies will continue to trade under their own names.

END

nb Fonterra owes its origins to Latin. fon means ‘fountain’ or ‘spring’ and denotes ‘flowing’. terra means ‘earth’ or ‘land’.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:

Mediaworks: Reaches Agreement To Sell TV Operations To Discovery, Inc.

New Zealand’s largest independent commercial broadcaster MediaWorks and the global leader of real-life entertainment Discovery Inc. (“Discovery”) are pleased to announce they have reached a binding agreement regarding the sale of MediaWorks’ ... More>>

ALSO:

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO:

SAFE: Live Export Ship Carrying 5,800 New Zealand Cows Goes Missing In East China Sea

Livestock carrier Gulf Livestock 1 sent a distress signal at 4:45am NZT yesterday in the East China Sea. The area is affected by Typhoon Maysak. At 4pm a patrol plane spotted a lifeboat - with no people in it - and a man in lifejacket nearby. The ship ... More>>

ALSO:

FMA: Kiwisaver Fees Don't Match Performance

The Financial Markets Authority (FMA) today published an independent report into the passive and active investment management styles [i] used by KiwiSaver providers. The FMA commissioned MyFiduciary to test the extent that KiwiSaver providers were ... More>>