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More cost cutting at Synlait Milk

Rebecca Howard
Thu, 09 Sep 2021

Synlait Milk confirmed the sale and leaseback of its Auckland premises at Richard Pearce Drive, Mangere.“The opportunity to sell and lease back the land and buildings at Richard Pearce Drive is attractive to Synlait as it will free up cash and allow us to pay down debt,” said chief executive John Penno. The sale price is $30.05 million, and the initial lease term is 10 years, with further rights of renewal. Settlement will take place on Oct 4. The company did not name the buyer. When Synlait acquired the Richard Pearc...

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