Source: MIL-OSI Submissions
Source: Fonterra
Fonterra has today announced it will exit its businesses in Russia. This follows the Co-op’s decision to suspend shipments of product to Russia at the end of February.
CEO Miles Hurrell says “our first step following Russia’s invasion of Ukraine was to establish the safety of the team in Russia, and our priority through this process continues to be doing the right thing by our people.
“We then suspended shipment of product to Russia while we assessed the impact of economic sanctions and discussed our long-term plans with our customers and joint venture partner.
“Following careful consideration of the impact on our people and our long-term plans for the Russian market, we will now close our office in Moscow, re-deploying staff where possible, and withdraw from our joint venture Unifood.”
Fonterra exports a small amount of product to Russia, primarily butter, totalling about 1% of our annual exports.
“Given the current strong demand for New Zealand dairy, we are confident in our ability to re-allocate this product to other markets,” says Mr Hurrell.
New Zealand has been exporting butter to Russia for more than 40 years. Fonterra entered the joint venture Unifood in December 2018.
About Fonterra
We’re an Aotearoa, New Zealand dairy co-operative owned by 10,000 farming whānau (families). Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers, along with 20,000 employees around the world, share the goodness of our milk through innovative consumer, foodservice and ingredient brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. Everyday people working hard to be Good Together in the community.
