Wednesday, 01 April 2020 09:28

OIO green light for Synlait purchase

Written by  Sudesh Kissun
Synlait’s $112 million bid for South Canterbury dairy processor Dairyworks has been approved. Synlait’s $112 million bid for South Canterbury dairy processor Dairyworks has been approved.

Synlait’s $112 million bid for South Canterbury dairy processor Dairyworks has been given the green light by the Overseas Investment Office.

Synlait announced in October, last year, the conditional purchase of Dairyworks.

Today, the OIO approved the purchase. 

The South Canterbury -based dairy company founded in 2001, and its subsidiaries, produce a range of well-known packaged dairy products including cheese, butter, and milk powder brands (Dairyworks, Alpine and Rolling Meadow) as well as ice cream (Deep South). 

The OIO says the investment will allow Synlait to continue diversifying its business and to service the retail and food service sectors in the NZ domestic market.

“The applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen, and are of good character: the applicant has also demonstrated financial commitment to the Investment,” it says.

Synlait is majority-owned by overseas investors; China’s Bright Dairy owns 39% of the company.

Dairyworks was owned by GPS Trust, whose trustees are Margaret Elizabeth Cross, Peter David Cross, and Bruce Robertson Irvine.

More like this

Synlait's back

OPINION: After years of financial turmoil, Canterbury milk processor Synlait is now back in business.

Wyeth to head Synlait

Former Westland Milk boss Richard Wyeth is taking over as chief executive of Canterbury milk processor Synlait from May 19.

Synlait sweetens milk supply deal

Canterbury milk processor Synlait is confident of retaining its farmer supplier base following a turnaround in its financial performance.

Featured

Big return on a small investment

Managing director of Woolover Ltd, David Brown, has put a lot of effort into verifying what seems intuitive, that keeping newborn stock's core temperature stable pays dividends by helping them realise their full genetic potential.

Editorial: Sensible move

OPINION: The Government's decision to rule out changes to Fringe Benefit Tax (FBT) that would cost every farmer thousands of dollars annually, is sensible.

National

Machinery & Products

» Latest Print Issues Online

Milking It

Cuddling cows

OPINION: Years of floods and low food prices have driven a dairy farm in England's northeast to stop milking its…

Bikinis in cowshed

OPINION: An animal activist organisation is calling for an investigation into the use of dairy cows in sexuallly explicit content…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter