Fonterra says the Chinese milk contamination scandal will cost it at least 9 million. Announcing the company's annual results today, Fonterrra revealed the full impact on its Chinese partner San Lu of the controversy, which has left at least four infants dead after consuming baby formula containing melamine. Fonterra chairman Henry van der Heyden said: "We are certainly not putting the financial consequences ahead of our primary priority of consumer safety. We are focusing all our efforts on what Fonterra can best do to work with the Chinese authorities and help get safe dairy products to Chinese consumers." The 9 million estimate is made up of the cost of recalling products plus Fonterra's "anticipated loss of San Lu brand value". Fonterra has poured nearly 0 million into the joint venture since buying a 43 per cent stake in December 2005, but the investment has been gutted by last month's announcement that Sanlu has been selling poisonous infant formula for babies. This video is an edited Company Press release from Fonterra and published with permission granted to the New Zealand Herald.
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