Fonterra
(ASX:FSF) is to shut its Dennington factory in Victoria at the end of November with the loss of almost 100 staff members.
The plant was first opened in 1911 by the Anglo-Swiss company, later rebranded Nestle.
They have also lower the range of its 2018-19 forecast farmgate milk price to between $6.30-$6.40 per kilogram of milksolids, and forecast for the new season a range of between $$6.25-$7.25 per kg/MS.
Although sale volumes were up 4 per cent for the third quarter to $16.6 billion liquid milk equivalents, and revenue is up 1 per cent to $15 billion, gross margin is down 3 per cent to $2.2 billion, and normalised EBIT down 9 per cent to $522 million.
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