Theo Spierings’ hits and misses after 7 years at Fonterra

 

Chairman John Wilson this week announced that Spierings would be moving on, just after the company announced a $348 million bottom-line loss for the six months to January, mostly arising from a $183m legal settlement with Danone and a $405m writedown from its investment in Chinese infant formula company Beingmate.

In a wide-ranging interview after Fonterra’s first-half result, Spierings said there had been hits and misses since he started at Fonterra in 2011.

He said he underestimated the complications arising from investing in a China-listed entity – Beingmate – and acknowledged that Fonterra had been slow to recognise the value in the alternative milk company a2 Milk – which is now New Zealand’s biggest listed company.

But there had been significant wins also, among them a return to profitability for Fonterra’s substantial European and US operations.

In Australia, which has long been a problem, there had been a big turnaround in profitability.

In Europe, thanks in part to partnerships with Dutch dairy company A-ware, there had been a quick turnaround.

“Europe is now a massively profitable business whereas at the time it was losing a lot of money,” Spierings said.

In South America – where Fonterra has a substantial presence – the co-op’s operations have been thoroughly restructured.

All up, he said the co-operative was “highly placed” compared with the competition in other parts of the world.

By: Jamie Gray

Source: NZ Herald

Link: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12018951

Any claim arising from the information contained on the eDairy News website shall be submitted to the competence of the ordinary courts of the First Judicial District of the Province of Cordoba (Primera Circunscripción Judicial de la Provincia de Cordoba), Republic of Argentina, in the city of Córdoba, excluding any other jurisdiction (Federal jurisdiction is also excluded).

*

Criteria in the moderation of comments that eDairy News will take into consideration in all its publications.

  • They will not be considered insults of any kind against anyone,, whether a user, moderator or publisher. Complaints made with the name and surname of the author of the commentary will only be accepted after confirmation by the moderator.
  • Unsubstantiated and gratuitous destructive criticism or expressions of bad taste, whether offensive, racist or xenophobic.
  • SPAM, (Insert links to web pages not related to the subject, provide emails, etc...)
  • Comments that are meaningless with the footnote or the dairy sector.

Related posts


Top