Fonterra said it had sold its 9 per cent stake in Australia's Bega Cheese, which it has held since 2013, for A$74 million.
The sale of the stake would not affect Fonterra's long-standing relationship with Bega, which includes a license on the Bega brand and a supply contract for cheese, the co-operative said.
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"We are focused on investing in higher value add dairy products that deliver the best returns for our shareholders," chief financial officer Lukas Paravicini said in a statement to the ASX.
"Releasing capital, such as through this sale, for future growth is the best use of our shareholders' funds," he said. Fonterra did not disclose the identity of the buyer.
