4 Dec 2011

Synlait seeks new investment

6:45 am on 4 December 2011

The Canterbury dairy company Synlait is seeking $70 million from a new investor to develop the dairy farms side of the business.

In 2010 the company sold a 51% stake in its Synlait Milk unit for $82 million to Chinese dairy giant Bright Dairy.

Synlait's chairman Barry Brook says its subsidairy, Synlait Farms, has 13 farms and the extra cash it is seeking would be used partly to expand its porfolio and partly to develop its existing operations, including irrigation.