New Zealand dairy giant Fonterra today [Friday] confirmed it will pay its farmers a record NZ$5.33 (US$2.56) per kilogram of milk solids for the current season, although next year payment will drop significantly.

The payments, less three cents per kg for what the company refers to as “industry good activities,” will put NZ$5.7bn into provincial New Zealand, said Fonterra in a statement. However, the company’s best estimate for its payout next year is NZ$4.00 per kg, less 3c for industry good activities.

Meanwhile, Fonterra has announced the appointment of Kris Nygren as CEO of its division, a website that provides farmers with news and agricultural information.