29th July 2022 Subscriber Content / Synlait
The company cuts four executive roles and adds five as part of a strategy refresh built around nutrition, ingredients, consumer and foodservice opportunities.
Dairyworks is granted an application for wasted costs in a judgment that sheds some light on the court case.
Synlait has increased its forecast base milk price forecast for the 2022 / 2023 season to $9.50/kgMS from $9.00/kgMS.
Synlait has announced the resignation of its legal director, Deborah Marris, who oversaw a number of significant transactions, including the acquisitions of Talbot Forest Cheese and Dairyworks.
The dairy company’s turnaround is gaining traction with its ingredients business leading growth.
The dairy company has launched legal action against the vendors of loss-making Talbot Forest Cheese Co, which Synlait bought for close to $40m.
The company said today’s update was outside of its usual cycle of January, May and September updates but there had been a significant increase in all global commodity prices.
Synlait’s speciality cheese business, Talbot Forest Cheese, has launched a new brand campaign following a packaging redesign.
The initiative with AgReseach seeks evidence that regenerative practices can make a positive difference in sustainable food production.
Synlait Milk saw its total greenhouse gas emissions rise in the year to July 2021 but it fell significantly per product tonne for both its on- and off-farm work.
Consumer demand and the bedding down of new processes will dictate the next steps following the four-week trial.
The loss-making speciality cheese plant is to close until FY24 after dragging down Synlait’s consumer food division.
Miraka’s boss will join struggling Synlait in January to try and bring the dairy business back into the black by FY23.
Synlait Milk has sold its Auckland premises at Richard Pearce Drive for $30.05m and will lease back the property.
The move to “review and reset the structure of the business” could see as many as 150 jobs go at the dairy company.
A quarterly review of all shares in the ASX to recalibrate the S&P Dow Jones Indices has seen New Zealand dairy companies A2 Milk and Synlait earmarked for removal from separate lists.
The Canterbury-based company has stood up a raft of ever more stringent measures to protect against the latest outbreak.
Synlait Milk has agreed terms to restructure its maturing debt pile following discussions with its banking syndicate after it secured a waiver for relevant FY21 covenants.
The Canterbury company says it has been challenging getting its tankers to suppliers.
Synlait Milk has increased its forecast base milk price for the 2020/2021 season by 35 cents to $7.55 kgMS.
The dairy company now forecasts a full year loss of between $20m – $30m in 2021.
CFO’s departure follows that of chief executive Leon Clement and director of operations Mark Toomey.
Synlait Milk has reset its 2018 inaugural emissions reduction targets.
The dairy company says its new premium ingredients offering is for consumers seeking “sustainably, ethically and equitably produced” products.
The dairy companies saw share prices slip following news that Synlait’s boss is leaving.
Leon Clement will leave the listed dairy company at the end of April.
Significant Covid-19 induced uncertainty and volatility will continue, says the milk powder producer.
Mark Toomey has resigned from the specialist diary company after just over a year in the role.
The dairy giant’s so called off-farm water results have moved away from 2028 targets.
The dairy company successfully raised the money after closing an oversubscribed $20m share purchase plan.
Diversifying its product ranges, customers and target markets has created a more sustainable business, says Synlait chief executive Leon Clement.
Synlait Milk has added $180m to its coffers after successfully completing a discounted share placing.
The company will use the money to complete its investment strategy, pay down debt, and strengthen its balance sheet.
Synlait Milk has stopped the trading of its shares in both New Zealand and Australia ahead of an announcement of a significant capital raise.
Synlait Milk says it has signed a new manufacturing supply deal with “an established, global category leader” but it has not named its new customer.
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Synlait Milk has set the course for a year of consolidation following a period of substantial investment.