Synlait appoints industry veteran Grant Watson as CEO to steer company towards profitability

NEW ZEALAND – New Zealand milk processor Synlait has appointed dairy industry veteran Grant Watson as its new CEO as it seeks to steer itself back to profitability.   Watson will be joining the business in January 2022, succeeding John Penno, who will then be appointed as chairman when Graeme Milne retires next year.  He will be joined by Robert Stowell, who has been appointed chief financial officer after acting in the role for the last five months.  Watson has worked in the dairy industry since 2010, including in his most recent role as Miraka’s CEO. Prior to that, he held several…

Read More

Synlait to acquire New Zealand company Dairyworks for US$71m

NEW ZEALAND – The Canterbury-headquarter dairy company, Synlait has secured a deal to acquire New Zealand-based Dairyworks for NZD112 million (US$71.1 million) to support its expansion in Australia. Based in Christchurch – South Canterbury, Dairyworks has grown into one of the largest companies operating in New Zealand’s everyday dairy category, since its inception in 2001 Dairyworks produces a range of cheese, butter, milk powder and ice cream under brands such as Rolling Meadow, Deep South and Dairyworks. Synlait CEO Leon Clement said the acquisition would provide Synlait with another meaningful…

Read More

Synlait doubles profit in tenth year of operations with new tax after profit of US$74.6m

NEW ZEALAND – Synlait, a dairy processing company, has reported a net after tax profit (NPAT) of US$74.6 million, almost double the NPAT of US$39.5 million announced for the same period last year. According to the company, the results for the financial year ending 31 July 2018 (FY18) were achieved in a period of large investment, and a renewed focus on the future. An increase in finished infant formula sales helped to drive this profit, which was enabled by a number of investments in the blending and consumer packaging space.…

Read More

Synlait to invest US$188.9 million on New Zealand’s new infant formula facility

NEW ZEALAND – Synlait, an innovative dairy processing company has acquired 28 hectares of land in Pokeno, North Waikato, worth US$188.9 to establish their second nutritional powder manufacturing site. According to the company, it expects to invest in the currently an undeveloped site in New Zealand’s North Island in the coming years as it establishes their infant base powder manufacturing capability at the site. The need to for additional powder manufacturing capacity was influenced by a forecast increase in customer demand for infant formula products. Synlait’s long-term formula supply agreements…

Read More

Synlait Milk partners with Foodstuffs South Island to supply fresh milk and cream

NEW ZEALAND – Synlait Milk has invested approximately US$125 million in an advanced liquid dairy packaging facility in a partnership with Foodstuffs South Island Limited to supply fresh milk and cream from early 2019. According to the company, it is seeking diversification in its business through investment in a range of dairy-based products that will guarantee its customers quality products at both domestic and international level. It adds that the deal will not only portray Synlait as a balanced dairy business but also strengthen its position as a global exporter…

Read More