Synlait shares in trading halt
Listed Canterbury milk processor Synlait’s shares have been placed in a trading halt.
Canterbury milk processor Synlait has announced a new supply agreement with New Hope Nutritionals for production of their infant formula brands.
Synlait says the arrangement will provide certainty of supply for both companies over five years.
New Hope Nutritionals is a joint venture between New Hope Group and Synlait Milk Ltd.
“This supply agreement has clarified our infant formula partnership with New Hope Nutritionals for the near future, allowing both of us to plan with confidence,” managing director John Penno says. “The agreement secures a threefold increase from current volumes over the five year period.”
He adds the agreement will also underpin applications to register New Hope Nutritionals’ Akara and e-Akara infant formula brands with the China Food and Drug Administration (CFDA).
Synlait says its infant formula volumes with New Hope Nutritionals and other customers will be met by blending and canning capacity at the company’s Dunsandel site and eventually at its new Auckland plant.
Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
The opportunity to spend more time on farm while providing a dedicated service for shareholders attracted new environmental manager Ben Howden to work for Waimakariri Irrigation Limited (WIL).
Federated Farmers claims that the Otago Regional Council is charging ahead unnecessarily with piling more regulation on rural communities.
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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