He noted the 10-year Fonterra-equivalent milk price benchmark and commitment by Westland’s proposed buyer, Inner Mongolia Yili.
“Ten years goes very quickly in an inter-generational business.
“What happens beyond that becomes important when you consider our remit is to bring profits back to New Zealand.
“Nearly 50c in every dollar is spent in the regions and has benefits for the NZ economy.”
Fonterra had an early discussion with Westland about finding a co-operative solution to its difficulties but that wasn’t proceeded with as Westland went in another direction.
Asked if he was concerned about further Chinese ownership in the NZ dairy industry, Monaghan said he welcomes foreign investment.
