Fonterra Co-operative Group has chosen Mainland Group as the corporate name for its consumer business, which it seeks to divest or spin off via an IPO.

“The Mainland brand has a strong New Zealand dairy heritage and is also well known by consumers in New Zealand, Australia and across many of our global markets,” said Miles Hurrell, Fonterra CEO.

Fonterra has also appointed Rene Dedoncker as CEO-elect and Paul Victor as CFO-elect for Mainland Group. Dedonkcer is currently the MD of Fonterra’s of global markets consumer and foodservice, while Victor’s most recent position was CFO of Incitec Pivot.

In November, Fonterra said it assessed both a trade sale and IPO as attractive divestment options for the consumer and associated businesses and decided to prepare for a sale process that will pursue both options. In an update released Wednesday, Fonterra said that the process was ongoing, and neither option has been decided on as yet.

Over the coming weeks, the group will engage with potential buyers of the consumer and associated businesses.

“We are clear on our strategy and have a pathway to grow further value for farmer shareholders and the New Zealand economy through our innovative foodservice and ingredients businesses,” said Hurrell.

“At the same time, we recognise the responsibility we have to find the right steward for iconic brands such as Anchor, Mainland, and Western Star, and an ownership structure that allows these businesses to continue to grow.”