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Synlait Milk Ltd. ( (AU:SM1) ) just unveiled an announcement.
Synlait Milk has completed the NZ$307 million sale of its North Island assets, including the Pōkeno manufacturing plant and Auckland blending, canning and warehouse sites, to global healthcare company Abbott. The CEO said the divestment marks a turning point that simplifies the business and allows Synlait to refocus on its Canterbury base.
The company has received about NZ$283.1 million in gross proceeds, with US$14 million held back pending post-completion conditions, and plans to use NZ$200 million to pay down bank debt, halving its committed facilities to NZ$200 million. While the transaction strengthens liquidity and reduces leverage after FY25 manufacturing challenges, Synlait notes it still has work to do, with bank facilities up for refinancing by mid-2026 and a NZ$130 million shareholder loan maturing shortly after.
More about Synlait Milk Ltd.
Synlait Milk Limited is a New Zealand-based dairy processor focused on manufacturing value-added milk products, including ingredients and consumer-packaged dairy, largely for nutrition and healthcare customers. The company’s operations are centred in Canterbury, with a strategy built around specialty milk production and partnerships with global food and health brands.
See more data about SM1 stock on TipRanks’ Stock Analysis page.