Fonterra to cut jobs as global dairy prices continue to fall

New Zealand dairy co-op Fonterra has announced it plans to cut jobs as it struggles to improve sales in the face of falling global dairy prices.

As demand for infant formula and other dairy products has slowed in China and other countries, earnings at the world’s largest dairy exporter have taken a hit, hindering its efforts to expand into value-added and branded products.

“We recognise the need to re-set our business accordingly — what worked in the past doesn’t necessarily work now,” said CEO Theo Spierings in a statement.