Synlait finds new backer

Synlait, the milk processor that abandoned a $150 million share sale last year after a tepid response from investors, is set to announce it has found a new backer.

The Canterbury-based milk processor will hold a media conference at noon today to announce “a new partnership with a major participant in the international dairy industry,” according to an emailed advisory note. The partnership involves “a significant investment in Synlait’s processing operations at Dunsandel, Canterbury, to further its value added strategy”.

Synlait, which aims to expand its milk powder capacity, is seeking funds to build a second drier at its main site. It currently processes 70 million litres of milk a year, according to its website.

Present shareholders include Japan’s Mitsui and Co, which acquired a 14% stake in 2007 for $13.5 million, implying a capitalisation of $96 million. Mitsui also made a further $16.5 million loan available to Synlait at that time.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes