Displaying items by tag: Synlait

Listed Dairy processor Synlait Milk has announced an $11.5 million net profit for the year ending July 31, 2013, an increase of $7.1m on the previous year.

Widespread power outages and blocked roads from severe weather have affected Canterbury dairy farms including those supplying milk to Synlait Milk.

Continuing high international commodity prices have seen Synlait Milk increase its forecast milk price for the FY2014 season from $7kgMS to $8 kgMS.

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.

Synlait Milk has reassured its customers that all products it has manufactured are safe.

South Canterbury milk processor Synlait Milk's shares jumped 58c shortly after its launch on the NZ Stock Exchange today.

Federated Farmers believes the 7.5% shareholding in Synlait taken by FrieslandCampina Investments Holding BV1, a subsidiary of Dutch Dairy Cooperative giant FrieslandCampina, could shake-up the New Zealand dairy industry.

Synlait Milk has set a final price of $2.20 per ordinary share to be offered to institutions and selected NZX firms in its Initial Public Offering (IPO) which opens today (July 9).

Synlait Milk plans to raise $75 million new primary capital and will also hold a secondary sell down set at about $45 million.

Michael Stein, a former director of quality for one the world's leading companies in paediatric nutrition, will join Synlait Milk as general manager quality later this month.