Fonterra Farm Source to sell livestock division
Livestock agency provider Carrfields Livestock will take over Fonterra’s Farm Source livestock division on 1 March 2019, following a review of the co-op’s assets and investments.
Richard Allen, Farm Source Stores Director, explained: “This will better serve the livestock team and the farms they service.
“While Farm Source’s livestock division has contributed positive returns since inception, we believe the investment required to maintain and grow this division can be more effectively targeted towards improving core areas of the Farm Source business.”
The two companies are working to ensure a competitive offer remains for Fonterra farmers, as well as a smooth transfer of employees and clients. For employees who will not have the option to move to Carrfields, Farm Source has said it will support them in identifying new opportunities within the co-op.
According to Carrfields Group Managing Director Craig Carr, this acquisition is an opportunity for Carrfields Livestock to fill gaps in its current national network.
“This acquisition will take the Carrfields Livestock team to over 150 livestock agents spread right across the country. This strategic partnership will offer Farm Source clients and Fonterra farmer owners access to a nationwide agent and sale yard network provided by a New Zealand family-owned business,” he said.
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