Synlait shares take a hammering
Troubled milk processor Synlait's share price is taking a hammering as nervous investors offload their stakes.
Introduced on August 1, it provides employees with a free daily roundtrip shuttle service from Rolleston to Synlait’s Dunsandel site several times in the morning and evening.
Today’s arrival of a new 50-seat coach was welcomed by a crowd of excited employees and will replace a temporary coach, which has operated for the last three months.
“Everyone home safe, every day, is our number one priority. Our shuttle service supports this focus by reducing traffic on Main South Road (SH1) and also has a positive impact on the environment,” says John Penno, managing director and chief executive.
Located 50km south of Christchurch, Synlait has one of the largest integrated and most sophisticated infant formula production sites in the world.
“Many of our employees live in Christchurch, Rolleston and the wider Selwyn region. Initiatives like this improve road safety not just for our team, but for everyone on the road,” says Penno.
On average, 72 cars are removed from Main South Road throughout each weekday, particularly during peak morning and evening traffic times.
The environmental benefit* is estimated to be the equivalent of planting 1,255 trees, or eliminating 25 tonnes of carbon dioxide (CO2) emissions, a year.
Penno pointed out the figures would increase as more employees took advantage of the shuttle service.
“Our team has almost doubled in the last two years to more than 430 people. With our next growth phase - a three year, $300 million programme - underway, we’ll continue investing in our team,” says Penno.
Synlait’s transport partner, Hilton Haulage, operates the shuttle service and oversaw the delivery of the new coach.
“It’s a great coach that will make the roundtrip even more comfortable and relaxing for employees. It’s been a rewarding project and is just one example of how we partner with our customers to achieve an exceptional result,”says Scott Crampton, chief executive of Hilton Haulage.
Synlait acknowledged support from both Hilton Haulage and Selwyn District Council made the shuttle service possible.
