Friday, 30 August 2013 13:04

Synlait taps into DIRA milk

Written by Pamela Tipa

font size decrease font size increase font size
Print
Email

Canterbury-based processor Synlait Milk says it has decided to take a "significant allocation" of milk from Fonterra as permitted under the Dairy Industry Restructuring Act for the year ending July 2014.

It needs the milk because further planning and a small investment in plant and equipment has created an opportunity to increase production capacity of ingredient products without impacting infant formula or nutritional product business, it says.

The extra milk will take intake and production of ingredient products higher than stated in June in its prospective financial information issued ahead of its IPO (initial public offering) and subsequent stock exchange listing on July 23.

Synlait says that while it's early in the 2013/14 season, the additional milk processed gives the company increased confidence of achieving its forecast financial result for 2014.

The total volume of milk expected to be taken is still to be finalised however DIRA permits an allocation of up to 50 million litres.
Synlait Milk will provide a general update September 24 when its annual result for the year ending 31 July 2013 is announced. Fonterra says it will announce its annual result September 25.

More like this

Fonterra Cuts 2026/27 Milk Price Forecast to $9.25

Fonterra has reduced its forecast 2026/27 Farmgate Milk Price.

Fonterra's Whareroa Wins Directors Award

Fonterra's Whareroa site took home the prestigious Directors Award at the co-op's 'Oscars of Manufacturing', while Clandeboye led the way with multiple wins at this year's Best Site Cup.

Dairy Holdings CEO Colin Glass Retires After 25 Years of Growth

After 25 years it is the right time to step away, says Colin Glass, the retiring chief executive of New Zealand's largest private corporate dairying company, Dairy Holdings.

Fonterra Expands China Foodservice Business with New Anchor Essence Cream

Fonterra is strengthening its foodservice presence in China with the launch of a new cream for professional bakeries at Bakery China 2026 in Shanghai.

Smith V Fonterra

OPINION: To a chorus of crying greenies, and not a minute too soon, the Government has moved to put the courts back in their place through proposed amendments to the Climate Change Response Act 2002, intending to limit climate litigation claims such as Smith v Fonterra, in the interests of providing greater certainty for vital industry.

Featured

Fonterra Cuts 2026/27 Milk Price Forecast to $9.25

Fonterra has reduced its forecast 2026/27 Farmgate Milk Price.

Czarnikow Launches Digital Milk Pricing Tool in NZ

New Zealand dairy farmers are set to be the first in the world to receive access to a new digital physical milk pricing tool that enables them to fix the price for their physical milk.

Pāmu Opens Farm Gates for Summer Open Farm Days

State farmer Pāmu is opening its farm gates this summer in an effort to give the rural sector the opportunity to see how large-scale, multi-system farming is delivering productivity and profitability across New Zealand.

Northland Study: Emissions Cuts "Unsustainable" for Dairy

A five-year study has found that the cost of reducing emissions without technology may be significant and unsustainable for Northland dairy farmers.

DairyNZ: Waikato Farmers Need Certainty on PC1 Rules

DairyNZ says Waikato farmers need certainty on Plan Change 1, but they say that certainty must be matched with practical, workable rules and a clear transition that doesn't get ahead of the new resource management system currently under review.

NZ Rural Contractors Push for Urgent VDAM Rule Reform

While the Government has moved quickly to make commercial hauliers' lot easier during the current fuel crisis, they appear to be stuck in the creep box when it comes to the agricultural industry.