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.
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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 Fencepost.com division, a website that provides farmers with news and agricultural information.
