Synlait shares take a hammering
Troubled milk processor Synlait's share price is taking a hammering as nervous investors offload their stakes.
Synlait milk has doubled its milk powder canning capability with the opening of a $55 million facility at Mangere, Auckland.
The blending and consumer-goods packaging plant can pack 32,000 tonnes annually.
The plant removes the single-site risk inherent in operating the Dundandel plant only.
The company expects demand for consumer packaged products to increase significantly in the near term. A tremendous amount of work has gone into this milestone, says chief executive John Penno.
“We acquired this partially completed facility in May and have done a lot of work to commission it in just over six months.
“We have employed a great team of 30 people to operate the facility and we expect that number to increase to 100 in the coming year as we add additional shifts.”
Synlait is bracing for growth in business with infant formula customers.
“Under the Chinese Food and Drug Administration infant formula rules coming into effect on January 1, 2018 this second site enables us to increase the potential number of our customer brands we can export to China.”
Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.
The 2023-24 season has been a roller coaster ride for Waikato dairy farmers, according to Federated Farmers dairy section chair, Mathew Zonderop.
Ministry for Primary Industries (MPI) director general Ray Smith says job cuts announced this morning will not impact the way the Ministry is organised or merge business units.
Scales Corporation is acquiring a number of orchard assets from Bostock Group.
Family and solidarity shone through at the 75 years of Ferdon sale in Otorohanga last month.
The Ministry for Primary Industries (MPI) has informed staff it will cut 391 jobs following a consultation period.
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