Fonterra plans tie-ups with local companies

New Zealand-based Fonterra Co-operative Group Ltd, the world's largest dairy exporter, will not alter its growth strategies in China, despite price volatility and slower growth, a top company official said.

Theo Spierings, chief executive of Fonterra, said that food services and consumer goods would be the new thrust areas in China, apart from the ingredient and farming businesses.

The chief executive's comments came after prices of dairy products plunged in the last two years. Though there was a marginal recovery in prices during the last two months, it would be difficult to gauge the long-term prospects, Spierings said.