The dairy cooperative says cash from the sale, along with proceeds from other asset sales like Tip Top, will provide more than one billion dollars for debt reduction.

Fonterra is due to release its annual results tomorrow.

>> More Rural News

Other Rural News

20 Oct: The Prime Minister's in favour of Fonterra's selling Anchor, Mainland and Kapiti - but says it's not his decision

10 Oct: A warning to dairy farmers - to prepare for greater climate swings

08 Oct: Dairy prices have fallen 1.6 percent at this morning's Global Dairy Trade auction

29 Sep: Synlait's confirmed the sale of its loss-making factory at Pokeno to US company, Abbott

26 Sep: Fonterra doesn't see an end in sight, to the growing demand for dairy

26 Sep: Most dairy farmers are now breaking even again, for now

25 Sep: Fonterra's CEO says cheaper butter prices could be on the horizon

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