Displaying items by tag: BRIGHT DAIRY

OPINION: Canterbury milk processor Synlait's recovery seems to have hit another snag.

OPINION: The abrupt departure of Synlait chief executive Grant Watson could be a sign that Chinese company Bright Dairy, the new majority owner of the listed company, is taking charge.

Canterbury milk processor Synlait says some farmer suppliers have been inquiring about the process to remove their cessation notices, handed in earlier this year.

The first change in Synlait’s management team, since China’s Bright Dairy securing 65% ownership, has been announced.

Last week's approval of a recapitalisation plan for troubled milk processor Synlait is good for Canterbury and gives farmer suppliers a lot of security going forward, says farmer Willy Leferink.

In a “watershed vote”, Synlait shareholders have approved a recapitalisation plan that hands over control of the listed milk processor to China conglomerate Bright Dairy.

Synlait farmer suppliers are relieved to see the troubled milk processor on the road to recovery.

Troubled milk processor Synlait has dropped plans to sell its Pokeno milk plant in Waikato. However, it will consider offloading the plant if a “compelling offer” was made.

A complaint by Synlait founder John Penno over the listed milk processor’s recapitalisation plan has been dismissed by regulators.

Embattled milk processor Synlait is the latest to increase its forecast base milk price for the 2024/25 season.