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This case study is about developing an international strategy to achieve ambitious growth objectives. The setting is a large New Zealand-owned business operating in mainly commodity products across a variety of international markets which present challenges including volatile markets, trade barriers and political instability. The case begins with a profile of Fonterra's products and the opportunities and risks in various international markets. It sets out the performance objectives of the business and traces a number of strategic moves in the first two years. The first two years' financial results are included, as are the 'strategic themes' arising from an earlier strategic review undertaken by the business. The challenge to students is to evaluate the early strategy of the new business and to generate a strategy that they can justify as the most likely to satisfy the growth objectives.