Fonterra announces closure of Kāpiti Coast plant, hours after reporting $605m loss

Fonterra this morning has announced that its Paraparaumu plant, on the Kāpiti Coast, is set to close.

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Scott Evans gave his response to Fonterra’s massive $605 million loss. Source: 1 NEWS

Staff at the Te Roto plant were informed of the decision this morning.

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It is the second ever worst result for the dairy industry giant. Source: 1 NEWS

The dairy giant said work will move to its Eltham plant.

It comes after Fonterra this morning posted a net loss of $605 million following asset writedowns of $826 million.

Fonterra has cut its forecast for full-year earnings per share. Source: 1 NEWS