Wednesday, 01 April 2020 09:28

OIO green light for Synlait purchase

Written by  Sudesh Kissun
Synlait’s $112 million bid for South Canterbury dairy processor Dairyworks has been approved. Synlait’s $112 million bid for South Canterbury dairy processor Dairyworks has been approved.

Synlait’s $112 million bid for South Canterbury dairy processor Dairyworks has been given the green light by the Overseas Investment Office.

Synlait announced in October, last year, the conditional purchase of Dairyworks.

Today, the OIO approved the purchase. 

The South Canterbury -based dairy company founded in 2001, and its subsidiaries, produce a range of well-known packaged dairy products including cheese, butter, and milk powder brands (Dairyworks, Alpine and Rolling Meadow) as well as ice cream (Deep South). 

The OIO says the investment will allow Synlait to continue diversifying its business and to service the retail and food service sectors in the NZ domestic market.

“The applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen, and are of good character: the applicant has also demonstrated financial commitment to the Investment,” it says.

Synlait is majority-owned by overseas investors; China’s Bright Dairy owns 39% of the company.

Dairyworks was owned by GPS Trust, whose trustees are Margaret Elizabeth Cross, Peter David Cross, and Bruce Robertson Irvine.

More like this

Synlait's milk price drop

Canterbury milk processor Synlait has reduced its 2019-20 forecast base milk price by 20c to $7.05/kgMS.

Synlait Milk concerned with Covid-19 

Independent milk processor Synlait says Covid-19 has so far had no impact on its financial performance, however the processor remains greatly concerned.

Synlait downgrades earnings

Canterbury-based milk processor Synlait has downgraded its earnings expectation for the 2020 financial year.

Featured

ANZCO makes a $30m profit

Meat company ANZCO Foods recorded its best-ever revenue of $1.7b and a net profit before tax of $30.6m for the year ended 31 December 2019.

 

M. bovis – we’re making headway

Ministry for Primary Industries chief science adviser, Dr John Roche on the indications New Zealand is winning the fight against Mycoplasma bovis.

Delays ruled out on water reforms

Delaying the introduction of new water reforms was not an option according to the two cabinet Ministers directly involved – Environment Minister David Parker and Agriculture Minister Damien O’Connor.

$700m for freshwater clean up

The Government has announced a $700 million fund to support the primary sector and other groups in meeting new clean water standards.

» The RNG Weather Report

» Latest Print Issues Online

Milking It

Effluent power

Finnish dairy company Valio is on a mission to reduce milk’s carbon footprint to zero by 2035.

What’s in a name?

The man who coined the term ‘Gypsy Day’ is slightly miffed that a term he introduced to New Zealand’s farming…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter