Fonterra cuts 500 jobs

The world’s biggest dairy exporter, Fonterra Co-operative, will axe more than 500 jobs as global milk prices crash to a six-year low.

The New Zealand-based farmer-owned co-operative will cut jobs across its entire global operations, including Australia. It comes after management launched a review aimed at streamlining its operations to cope with plummeting global dairy prices.

The cuts account for about 3.3 per cent of Fonterra’s global workforce of about 16,000 people.

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