Synlait shares take a hammering
Troubled milk processor Synlait's share price is taking a hammering as nervous investors offload their stakes.
Synlait milk managing director Dr John Penno says there is recognition of the growing importance of Canterbury as an agricultural powerhouse.
"Canterbury is New Zealand's fastest growing milk supply region, with production growth at an average 11% per season for the last 12 seasons. We acknowledge the technical challenges this growth brings, in particular farmers' ability to manage their environmental footprint.
"As a company we are committed to on farm best practice. We have developed our own certified best practice dairy farm assurance system called Lead With Pride, Australasia's first internationally accredited ISO 65 dairy farm assurance system, to help address these challenges by recognising and financially rewarding milk suppliers who achieve dairy farming best practice.
"We applaud AgResearch's move to consolidate resources around the key agriculture centres and welcome the increased science capacity for the South Island and the focus on farm systems and land use through the investment in the innovation hub at Lincoln.
"We look forward to having the different R&D providers such as AgResearch, Lincoln University and other Crown Research Institutions working together with farmers and the industry to address the challenges and deliver real benefits for the New Zealand dairy industry," says Dr Penno.
