Synlait Milk has agreed to sell its North Island assets to healthcare company Abbott for $NZ307 million ($271 million). The transaction is targeted for completion in April 2026. Synlait is a New Zealand-based company that manufactures and exports milk products. Abbott is a global healthcare company.
Bright Dairy Holding, which holds a 65.25 per cent stake in Synlait, has already voted in favour of the asset sale. Synlait’s board has unanimously recommended that all shareholders support the resolution.
In a separate announcement, Synlait updated its financial outlook for fiscal year 2025. The company projects an adjusted net profit of $NZ0.8 million, driven by its ingredients business returning to a gross profit. Synlait also anticipates a record milk price of $NZ10.16 per kilo of milk solids for the 2024/2025 season.
Due to the scale of its strategic reset, Synlait will not be providing further financial guidance for fiscal year 2026. The company is currently focused on completing the North Island asset sale and establishing a simpler and more focused Synlait operation in Canterbury.
