Synlait Milk to buy Dairyworks for $112m

Fri, 25 Oct 2019

Synlait Milk announced the conditional purchase of South Canterbury’s Dairyworks for $112 million, subject to Overseas Investment Office approval.If approved, Dairyworks will operate as a stand-alone business under the Synlait umbrella, with its chief executive Tim Carter, reporting to Synlait chief executive Leon Clement.“The acquisition allows us to get closer to consumers, a key part of our long-term strategy,” Synlait said. Synlait says it has sufficient bank facilities in place to fund the acquisition and, given it is subject to OIO a...

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