10 Feb 2016

NZ firm signs up to new dairy trading platform

8:15 am on 10 February 2016

A New Zealand-designed trading platform has signed up its first local dairy customer.

Westland Milk has joined the new online trading market Cream on a six-month trial, along with other companies in Australia, the United States and Ireland.


Photo: AFP

The platform allows companies to buy and sell dairy products and other agricultural produce such as meat.

Cream's co-founder and chief executive Kevin O'Sullivan said it had taken more than three years to design and get the system up and running, and they were pleased Westland Milk had shown confidence.

He said Cream was a fundamental market which put buyers and sellers in touch with each other to negotiate prices.

"We get paid on successful transactions, so if they successfully sell product we get a percentage of that and we've kept that very low.

"We're very confident about our product and we've already made initial steps into non-dairy product in America."

Mr O'Sullivan has previously said Cream did not aim to compete with Fonterra's twice-monthly GlobalDairyTrade auction.