Fonterra has completed the sale of its two wholly owned China farming hubs in Ying and Yutian.
The sale of the farms to Inner Mongolia Youran Dairy Co Ltd (Youran) was announced in October 2020.
The transaction proceeds comprise the original sale price of NZ$513 million plus NZ$39 million in settlement adjustments, giving cash proceeds of NZ$552 million.
Fonterra chief executive officer Miles Hurrell said the completion of the sale was an important milestone for the company following its strategic refresh.
“Fonterra has contributed to the development of the Chinese dairy industry by establishing these farms and we’re pleased to now hand ownership over to Youran for the next phase of…