Synlait’s Longest-Serving Employee Joins Executive Team
Synlait's longest serving employee – a man who joined the Canterbury-based milk processor even before it began processing milk – is now its newest executive.
It's now reported that earnings before interest, taxes, depreciation, and amortisation (EBITDA), previously forecast to be at the lower end of the $45 million to $60 million range, will be even lower.
Continuing uncertainty means that it is not able to provide an updated outlook. Synlait blames "unforeseen year-end timing differences between July and August for manufacturing and shipping, along with additional costs incurred in relation to the strategic review and deleveraging plan".
The news sent the company's share price down by 4c to 29c, giving the troubled milk processor a market capitalisation of only $61 million.
