News
Synlait enlarges Australia, NZ presence
31 Oct 2019Synlait has announced the conditional purchase of New Zealand branded dairy products company Dairyworks for $112 million, subject to Overseas Investment Office approval.
This is said to be reflective of an approximate 7.5 x EBITDA multiple based on the last twelve months earnings.
The acquisition of Dairyworks will, says Synlait, provide it with another meaningful move towards the delivery of its Everyday Dairy strategy and complements the company’s recent acquisition of cheese manufacturer Talbot Forest.
Synlait CEO Leon Clement said: “This is an exciting opportunity for Synlait. This business is a great strategic fit for us and an important step in growing our presence in the Everyday Dairy category. Dairyworks is a nimble and innovative company. It will fit well with Synlait and provides us with an opportunity to keep optimising our value chain while giving access into Australia where Dairyworks presence is growing. Opportunities exist in both businesses to streamline supply chains and enhance our competitiveness. It gives us the ability to optimise how we process milk solids and get the most value from our supply of milk. We’re excited by this opportunity as we work to capture more value in the dairy market in New Zealand and globally.”
Dairyworks will operate as a stand-alone business under the Synlait umbrella.
Related news
Consumers dislike faba beans’ sensory profile
3 Jun 2024
Consumers display low acceptance of faba beans, with sensory properties such as bitterness a core concern, a study suggests. However, for product varieties such as cocoa-free chocolate, this attribute could prove to be a benefit.
Read more
Food scientists uncover new way to preserve nutrient and flavour quality
29 May 2024
Researchers have developed a method that guarantees food safety for low-moisture products, such as dried milk, while maximising quality by retaining vitamins, minerals, and flavours, they say.
Read more
FDA scrutinizes milk pasteurisation over HPAI risk
28 May 2024
The US Food and Drug Administration (FDA) is undertaking additional scientific research work to ensure that approved pasteurization processes are rigorous enough after retailer milk tests showed contamination from Highly Pathogenic Avian Influenza (HPA...
Read more
Magnum targets ice cream lovers’ moods with new flavours
2 May 2024
Unilever-owned Magnum has released a suite of “mood-inspired flavours” as the 2024 ice cream season kicks off. The offerings, marketed as the Magnum Pleasure Express, are Magnum's first foray into the “mood-food” category.
Read more
The eight global food trends shaping the future of dining
23 Apr 2024
Unilever’s Future Menu Trend 2024 report identifies the global food trends shaping the food service industry, providing insights into changing consumer preferences that could provide inspiration for packaged food and drink brands.
Read more
Report outlines how the US interfered with marketing restrictions on formula across the globe
18 Apr 2024
A recent investigative report by ProPublica unmasked the extensive interference by the US government in international regulations concerning the marketing of formula.
Read more
Ultra-processed food intake in South Africa at concerning levels, study suggests
19 Mar 2024
As South Africa considers introducing front-of-pack warning labels and strict marketing limits for unhealthy foods, research has found that low-income South Africans get around half of their calories from ultra-processed foods (UPFs) – “a cause for con...
Read more
India’s mithai market develops new ingredient and flavour profiles
18 Mar 2024
Mithai is a hugely popular dessert and sweet snack in India and manufacturers are experimenting with unique ingredients, new flavour combinations, and healthier versions to capture new audiences.
Read more
Unilever and Perfect Day’s animal-free dairy dessert: Is precision fermentation the future of dairy?
6 Mar 2024
Perfect Day, a precision fermentation dairy supplier, has partnered with Unilever's Breyers, a brand of ice cream and frozen dairy desserts, to launch Breyers lactose-free chocolate frozen dessert.
Read more
Macauba oil emerges as potential rainforest-friendly palm oil alternative
1 Mar 2024
Producers and researchers consider the rainforest-friendly credentials of Macauba palm oil and whether its sustainability credentials offer an opportunity to replace palm oil.
Read more