New Zealand dairy major, Synlait, is bolstering its offering and making good on its growth strategy with the $112 million acquisition of Dairyworks.
Established in in 2001 in South Canterbury, Dairyworks is one of the biggest companies operating in New Zealand’s Everyday Dairy category with brands including Dairyworks, Alpine and Rolling Meadow.
Synlait said that acquisition will provide it with “another meaningful move towards the delivery of our Everyday Dairy strategy”.
The deal also complements its recent acquisition of cheese manufacture, Talbot Forest, the company said.
“This business is a great strategic fit for us and an important step in growing our presence in the Everyday Dairy category,” said Synlait CEO Leon Clement.
“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, with its CEO, Tim Carter, reporting to Mr Clement.