Communication to Fonterra farmers
13 December 2022
Communication to Fonterra farmers
The attached communication was provided to Fonterra Co-operative Group Limited farmers by the Chief
Executive Officer, Miles Hurrell, on 13 December 2022.
-ENDS-.
For further information contact:
Fonterra Communications
24-hour media line
Phone: +64 21 507 072
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Chief Executive Officer’s Email
13 December 2022
Subject: Further information on sale of DPA Brazil JV
Kia ora [name],
You will have seen my note this morning regarding the sale of our Dairy Partners Americas
(DPA) Brazil joint venture to French dairy company Lactalis. This is great news given we have
had this asset held for sale for the last two years. As I mentioned there are regulatory authority
approvals to be obtained prior to a final settlement.
I referenced the BRL 700 million (approximately $210 million) sale price. Fonterra’s 51% share
of these sale proceeds will be used to repay debt related to that business and given the asset
has been held for sale since 2020 there will be little cash impact on Fonterra’s earnings. We will
provide an update on the final, overall impact of our divestment programme as part of our FY23
financial reporting.
We will keep you updated as the divestment process proceeds.
Ngā mihi
Miles
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