New Zealand dairy cooperative, Fonterra, has announced its decision to sell its minority stake in the Lithuanian dairy business, Rokiškio Sūris, as part of its ongoing strategic investment review.
In 2017, Fonterra acquired a 10% stake in Rokiškio Sūris for NZ$11.7m.
The sale will see Fonterra divest its 3.59 million shares in Rokiškio Sūris for €2.2 per share, totaling around €7.9m. The buyback of shares is scheduled to take place through the Vilnius Stock Exchange next month.
Despite the sale, Fonterra and Rokiškio Sūris plan to maintain their partnership in milk processing and product trade on mutually beneficial terms.
Rokiškio Sūris, a Lithuania-based dairy company, produces a variety of dairy products such as cheese, butter, whey protein, and milk powders. The company is headquartered in Panevėžys and operates two factories in Latvia as well.
In a recent move, Fonterra appointed Anna Palairet as its chief operating officer. Palairet brings a wealth of experience to the role, having held various leadership positions before joining Fonterra in 2022.
Miles Hurrell, CEO of Fonterra, expressed his appreciation for Palairet’s leadership and looks forward to her continued contributions to the company.
Earlier this year, Fonterra announced its plans to merge its New Zealand and Australia business units, forming Fonterra Oceania on 1 May. The integration aims to strengthen the company’s presence in the trans-Tasman market amidst growing competition.
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