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Synlait aims to diversify its revenue streams through the acquisition of selected assets of New Zealand firm Talbot Forest Cheese, as the dairy processor records a full-year profit rise of 89 per cent.
The deal includes property, plant and equipment at a new facility in the town of Temuka, New Zealand, as well as the consumer cheese brand Talbot Forest Cheese.
The investment is expected to be between NZD 30 million ($20.1 million) and NZD 40 million ($26.7 million) and Synlait will assume full management and operational control of Talbot on 1 August 2019.
According to the newly appointed Synlait CEO Leon Clement, this acquisition enhances the company’s current portfolio, and will cement Synlait as a company with high-quality, flexible dairy manufacturing capabilities that can be tailored to meet customer needs.