Posts tagged "Synlait"

Ebert receivership hits Synlait dairy factory project at Pokeno

[2 August/Stuff] Ebert Construction, who were hired to build Synlait’s new dairy processing factory at Pokeno, are determined to see it completed despite going into receivership. Ebert were hired as subcontractors to the project by Tetra Pak. Receivers said the company owes creditors tens of millions of dollars, largely due to poorly performing projects in...

Clement to take helm at Synlait

[26 June/Farmers Weekly] Leon Clement has been announced as Synlait Milk’s new chief executive and will start in August. He was previously Managing Director of Fonterra Brands. His appointment was the outcome of a global recruitment search following John Penno’s announcement to stand down. Chairman, Graeme Milne, said Leon had led major businesses internationally and...

NZ missing a trick when it comes to selling our food overseas

[18 June/Stuff] Lincoln University Agribusiness Management Senior Lecturer, Nic Lees, said the Government needed to invest in a national food brand. He added Synlait’s infant formula sold in the U.S. was branded as coming from New Zealand grass fed dairy cows, but most New Zealand products were unbranded despite research that showed western consumers viewed...

Fonterra wants law change to end milk pick-up obligation

[9 May/NZ Herald] Fonterra has said that it continuing to have to accept all milk from all farms would be a critical part of the Government’s review of legislation. Agriculture Minister, Damien O’Connor, has announced the terms of reference for the review. Fonterra had long pushed back against the DIRA requirement that it take all...

Synlait posts record first-half net profit

[21 March/The Country] Dairy company Synlait posted a record first-half net profit mainly due to its relationship with The a2 Milk Company and its increased manufacture of high-margin products. Profit increased from $10.2 million in the previous year to $40.7 million in the six months ended 31 January. Synlait expected the second half to not...

Dairy industry expects big day tomorrow

[20 March/Otago Daily Times] The most recent GlobalDairyTrade auction will be followed by the interim reports of both Fonterra and Synlait. Craigs Investment Partners Broker, Chris Timms, said prices were up 12.2 percent from the lows in December and were back at similar levels to the middle of last year. He added that most economists...

Waikato to get new milk powder factory

[27 February/Radio NZ] Synlait is investing $260 million into the development of a new milk powder factory in Waikato. The company said they were buying 28 hectares in Pokeno to build an infant base powder factory, and that they expected the first dryer to produce 40,000 tonnes a year. Synlait’s Chief Executive, John Penno, said...

Milk Producer cuts forecast price

[2 February/ Radio New Zealand] Westland Milk Products has cut its forecast milk price back by more than 20 cents. They are expecting a price of between $6.20 and $6.50 which is relatively similar when compared to Fonterra, $6.40, and Synlait, $6.50. Westland’s chair Pete Morrison stressed that they seek to be fair to all...

Synlait Milk founder John Penno to step down after 12 years at the helm

[29 November/ Stuff] Synlait Founder and Chief Executive Officer, John Penno has announced he will be stepping down from the position within the next 12 months. Mr Penno would continue in a governance role as a director of the board. Synlait Chairman, Graeme Milne said Mr Penno had been an exceptional leader and had left...

Synlait’s $55m Auckland plant doubles canning capacity

[20 November/Stuff] Synlait has a new $55 million blending and packaging plant up and running in Auckland. The new plant put Synlait in a good position to sell increased amounts of infant formula and other products to China. Chief Executive John Penno said the plant gave Canterbury-based Synlait a total canning capacity of 64,000 tonnes....

A2, Synlait boosted by China export registration

[2 October/New Zealand Herald] A2 Milk’s shares reached a new high, increasing 6.5 percent to $6.95. Synlait rose 7.3 percent to $6.29, gaining 88 percent this year. This is due to A2 Milk gaining export registration from the China Food and Drug Administration (CFDA) to allow increased exports of its China label infant formula. A2...

Synlait eyes more branded products

 [26 September/ Rural News Group] Synlait is looking to expand into own-branded consumer products after posting a record net profit of $38.2 million for the year ending July 2017. This profit is a significant increase on the $34.4m posted for the financial year 2016. Revenue was up 39 percent from $546.9m to $759m, and net...

Synlait lifts forecast payout to farmer suppliers on gain in global prices

 [9 February/ New Zealand Herald] NZX-listed dairy company, Synlait Milk, increased the forecast farmer supplier payout by 25 cents to $6.25 per kilogram of milk solids for the current season. Synlait Milk chairman, Graeme Milne, said that foreign dairy prices have improved, and $6.25 is a “realistic estimate for the current season”.  Synlait Managing Director,...

Synlait’s profit jumps as infant formula business grows four-fold

 [29 November/ Business Day: NZ Farmer] Synlait has announced an after-tax profit of $34.4 million for the 2015-16 season, compared to a $10.6 million after-tax profit in the previous year. The dairy company nearly quadrupled sales of its canned infant formula from 4,300 cans to 16,000 cans over the past year. Synlait Managing Director and...

Synlait grows on infant formula

 [25 August/ Rural News] Synlait has reported an increase in canning volumes from 4,300 tonnes in the 2015 financial year to 16,000 tonnes in the 2016 financial year. Synlait Managing Director, John Penno said canned infant formula volumes have grown steadily since the commissioning of a packaging plant in 2015. Mr Penno added that these...

Synlait defies milk slump

 [13 August/ NZ Herald] Synlait Milk Chairman, Graeme Milne said the dairy company’s annual profit more than doubled due to an increase in sales of products with high margins. Net profit increased from $10.6 million in the year ended July 2015 to between $34 million and $35 million in the year ended July 2016. The...

Synlait forecasts 2016/7 milk price at $4.50/kg

[7 June/ NZ Herald] Synlait Chairman, Graeme Milne said the company’s forecast milk price for the 2016/17 season was $4.50 per kilogram of milk solids. Mr Milne added that milk suppliers would receive an advance rate than was higher than usual, meaning they would start the season in a stronger cash flow position that they...

Synlait may need new capital investment: analysts

[14 March/ NZ Herald] First NZ Capital analysts said South Island dairy processor, Synlait would need to consider expanding its blending and canning facility as early as next year given the rapid growth in A2 infant formula sales and the launch of the Munchkin Fed infant formula. Synlait said it was currently working through the...

Synlait Milk posts $6.4m net loss for first half

[30 March/ Business Day: NZ Farmer] Synlait Milk has posted a $6.4 million loss for its first six months to January 31, a result which includes after-tax unrealised foreign exchange losses of $6.8 million, making an underlying profit of around $400,000. The result, an $11.7 million drop in net profit from the previous year, was...

Synlait lifts milk price forecast

[26 March/ Radio NZ] Canterbury dairy processor and exporter, Synlait has increased its forecast milk price from $4.40 a kilo of milk solids to between $4.50 and $4.70. Synlait Managing Director John Penno, said the dairy market was still volatile, but it had lifted the season milk price forecast, as well as the advance payment...

1080 threat: Dairy firms reassure

[13 March/ NZ Herald] Dairy companies are confident security measures are strong enough to prevent a 1080 poison contamination, following threats to poison infant formula, despite Westland Milk Products only being informed of the scare a few weeks ago. Ministry for Primary Industries said Westland Milk was told at the same time as other manufacturers....

Canterbury’s Synlait Farms has rebranded as Purata

[3 March/ Rural News Group] The former farming subsidiary of Synlait Ltd, which owns 13 dairy farms in Canterbury, has rebranded as Purata after being sold to Chinese company, Shanghai Pengxin last year. Purata CEO, Juliet Maclean said the rebranding will reinforce its separate identity, while still having a strong customer-supplier relationship with Synlait Milk....

Synlait takeover offer extended

[26 November/ Business Day] A $2.10 per share takeover bid has been extended by Chinese bidders Shanghai Pengxin and their Canterbury partners as they seek to take control of Synlait Farms. The bidders have received acceptance for 81.35 per cent of Synlait Farms shares since the offer was opened three weeks ago. Holding 31.17 per...

Synlait shares soar on listing – up 21pc

 [23 July/ New Zealand Herald] Shares in Canterbury-based milk processor, Synlait Milk, recorded an 18.6% premium on their debut on the NZX.  The shares that had been issued at $2.20 debuted at $2.61 and had climbed to $2.67 by midday on Tuesday, a premium of 21% over the issue price.  The shares had been sold...