Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Synlait Milk gets Chinese infant formula accreditation

Synlait Milk gets Chinese infant formula accreditation

By Paul McBeth

Sept. 30 (BusinessDesk) - Synlait Milk, which plans to take a quarter-stake in Sichuan New Hope Nutritional Foods Co to gain a direct interest in a Chinese infant formula brand, has been granted accreditation to manufacture retail-ready infant formula for export into China.

The Rakaia-based milk processor has been notified of its approval by the Certification and Accreditation Administration of the People's Republic of China, it said in a statement. The approval comes after it missed out on the first round in May, when Chinese officials gave the green light to a handful of hopeful New Zealand exporters representing 90 percent of the nation's infant formula exports into China and while Synlait waited for the completion of a new facility at Dunsandel.

Synlait applied for registration after having the risk management programme at its dry blending and consumer packaging plant approved by New Zealand's Ministry for Primary Industries.

China has clamped down on regulations relating to foreign-sourced infant formula, which included firms demonstrating a close association between brand owner and manufacturer.

The stricter rules caused Synlait to warn of considerable disruption in the market, and the milk processor twice cut its earnings forecast before reporting a 70 percent lift in annual profit earlier this month.

Shares of Synlait rose 2.4 percent to $3.40, and have fallen 16 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: