Synlait to establish R&D facility

Company News

by Kathy Skantzos

Synlait (ASX:SM1) announces it is establishing a research and development centre in Palmerston North in New Zealand to continue in its food technology enterprise.

The new centre is in partnership with Massey University and New Zealand’s Food Innovation Network FoodPILOT.

Managing Director and CEO John Penno says investing in their own research and development centre will allow the company to explore new technology in milk production.

The milk production company based in New Zealand is expecting to commit $7 million this financial year including the new research facility.

The company is currently developing intellectual property across their product chain.

Shares in Synlait (ASX:SM1) last traded down 1.19 per cent to $4.99 on Friday.

 

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