Synlait shares in trading halt
Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
OPINION: The misery of a2 milk is being passed onto its New Zealand partners, including Canterbury processor Synlait.
The majority Chinese-owned processor has been forced to withdraw its full-year 2021 performance guidance because of significant uncertainty and volatility within its business.
It says the move was prompted by problems with its major customer, a2 Milk Company, which is reeling from a slump in sales of infant formula to China.
Add to that shipping delays and lower infant formula production, and Synlait finds itself in unchartered waters.
The company will announce its half-year results this month.
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Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.
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Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
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