Fonterra has sold its 25% share in a UK joint venture to the majority owner, Danish dairy giant Arla Foods.

The joint venture, AFF, was established in 2002 to market block butter, spreads and aerosol cream products in the UK.

Fonterra chief financial officer Jonathan Mason said the joint venture had been successful.

However, he said the investment was no longer core to the company’s long-term strategy, which is focused on growing value add ingredient sales and on regional consumer businesses in Asia, Australia/New Zealand and Latin America.