Dairy co-operative Fonterra is selling its Farm Source division to Carrfields Livestock — a livestock agency provider — as it reviews all aspects of its business.
"In the context of the review of the co-op's assets and investments, we have made the decision to sell the livestock division to Carrfields Livestock. This will better serve the livestock team and the farms they service," said Richard Allen, Farm Source stores director.
The dairy giant is reviewing its entire business as it seeks to address poor financial results.
Carrfields will take over Fonterra's livestock arm on March 1.
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A Fonterra spokesperson said the price was commercially sensitive.