State farmer posts record results
State farmer Pamu has delivered its strongest operating result on record.
The company says it is pleased with the Court of Appeal ruling in its favour and, with Landcorp, looks forward to beginning the improvements.
Shanghai Pengxin says the farms will be bought in the name of its subsidiary Milk New Zealand Holding Ltd and run by Milk New Zealand Farm Management Ltd, a joint venture with Landcorp Farming Ltd, which will honour all current arrangements made by the receiver with sharemilkers and staff.
"Our immediate priority is to begin the process of improving the farms, increasing production, and making sure we comply with all of the conditions imposed by the Overseas Investment Office," says a statement issued by Shanghai-Pengxin.
"We look forward to becoming part of our local communities and we will set up a local team to explore opportunities to add value to New Zealand milk through further processing by New Zealand companies and the sale of high-value dairy based products to China under the Pure 100 and Nature Pure brands."
Shanghai Pengxin thanked the many individual Kiwis and organisations who welcomed, encouraged and worked with them to help make their vision a reality.
"We believe there will be strong benefits to New Zealand as a result of us proceeding with our business plans, and we look forward to making a contribution to New Zealand's dairy industry and strengthening the relationship between our countries," it says.
"We will make further announcements in due course."
