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.

Fonterra has ended its nearly year long search for a new chief financial officer, appointing former Carter Holt Harvey chief financial officer Jonathan Mason to the role.

An American by birth, Mr Mason brings extensive experience to the role. He has spent the last two years as executive vice president and chief financial officer at Cabot’s in the US, and five years before that as CFO of Carter Holt Harvey’s forest products group.

Between 1990 and 2006, Mr Mason worked in various roles at US-based International Paper, rising to vice president and treasurer.