Win-win for West Coast
Former Westland Milk chairman Pete Morrison says Yili’s new ownership represents a significant milestone for the former co-op and the start of a new era for the dairy industry on the West Coast.
It was revealed this month that the Treasury argued against the Government lending Westland Milk Products $9.9 million but its advice was ignored. One reason the Treasury was against the loan was because Westland was having problems obtaining a loan from its bank on acceptable terms and the Government would then be acting as a lender of last resort.
The money had not been handed over as contract negotiations were continuing.
