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Dairy exporter Fonterra will invest $2.7 billion to upgrade and downsize its mission.

Fonterra Co-operative Group Ltd., the world’s largest exporter of dairy products, said Monday it will invest about NZ$4 billion ($2.72 billion) by 2030 to convert milk into products.

The New Zealand-based company plans to return NZ$1 billion to investors over the next decade, thanks to asset sales and an expected increase in profits, the company’s chairman and CEO said at the annual meeting.

Fonterra, which owns the Anchor, De Winkel and Mammoth brands, aims to achieve a carbon-neutral footprint by 2050.

This roadmap comes on the heels of the company’s 10,000 shareholder farmers agreeing, last week, to create a new capital structure.

The dairy company has seen strong demand for its products in the context of limited global supply and expects demand to remain strong in the short to medium term. It is also considering an initial public offering of its Australian operations, which could bring in about $700 million to shareholders by 2024.

Fonterra said it plans to steadily increase its dividend to about 40 New Zealand cents per share by 2030. It made about 15 New Zealand cents last year. ($1 = 1.4706 New Zealand dollars) (Reporting by Awaste Shashuat; Editing by Diane Kraft)

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