Synlait, in which Chinese Bright Dairies hold a 39% stake, has announced a milk price forecast of $6.50/kg milk solids (31.14 c/l) – matching Fonterra, who were first to forecast this price last week.

Final milk price for the 2016/17 season will be announced in September along with any update to forecasted milk prices for the new season.

Synlait also announced the purchase of the New Zealand Dairy Company.

Based in Auckland, the New Zealand Dairy Company (NZDC) is currently constructing a blending and canning operation a site in Mangere, in the suburbs of Auckland.

Synlait said in a statement that the facility would be able to make infant formula, and would enable Synlait to substantially lift its blending and canning capacity.

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