Fonterra

Production has started at Fonterra's new $200 million milk powder plant near Darfield.

Waikato dairy farmer John Wilson has been named chairman-elect of Fonterra, replacing Sir Henry van der Heyden.

Fonterra has welcomed the passing of the third and final reading of the DIRA Bill, which provides the legislative changes needed to enable Trading Among Farmers (Taf).

Fonterra has dropped from third to fourth place in Rabobank's latest survey of the world's top 20 dairy companies.

Fonterra may have gained a mandate to proceed with its controversial Trading Among Farmers (TAF) scheme, but not all farmers are convinced.

Fonterra is still working towards a November launch for Trading Among Farmers but that will be dependent on market conditions, chairman Sir Henry van der Heyden says.

Fonterra's dairy farmers have voted in favour of the cooperative's Trading Among Farmers share trading scheme, but they will need to vote again on required changes to its constitution.

Fonterra will have to "go back to the drawing board" to resolve redemption risk and also put key projects on hold if Trading Among Farmers does not proceed.

The misconception that Trading Among Farmers is about raising capital needs to be "laid to rest", Fonterra chairman Sir Henry van der Heyden says.

Fonterra's acquisition of the New Zealand Dairies Ltd's milk-processing factory at Studholme has been described as "absolutely the best news" for the Waimate community.