The dairy giant's had a nine percent drop in profits for the nine months to April 30, compared to last year.
Fonterra chief executive Miles Hurrell says the company will review two farm hubs in China - and its joint venture with Nestle in Brazil.
It will also be closing its Dennington plant in Victoria, Australia.
Hurrell says there will be ups and downs as Fonterra undertakes the strategic reviews to get the business in better shape.
