Another round of restructuring is in the wind for Fonterra's operations, as the company looks to reinforce its position as the world's leading dairy exporter.
The dairy co-operative has outlined a strategy based on what it calls the Three Vs: volume, value and velocity.
The strategy involves continuing to expand in the fast growing markets of China and other parts of Asia, the Middle East and Latin America where it already has a strong presence.
The other arm of the strategy focuses on higher value nutritional products for mothers and babies, as well as the elderly.
Fonterra chief executive Theo Spierings says the company has started the process of reviewing its business structures.
He says global demand for milk is forecast to grow by more than 100 billion litres by 2020.
New Zealand is expected to contribute only five billion litres of that additional supply.
Fonterra says it will make greater use of local milk supply in those expanding markets to help meet the increased demand.