Barry Brook elected Chairman of Synlait Limited

17 December 2010

Barry Brook was today roundly endorsed by the annual meeting of shareholders as the new Chairman of Canterbury’s leading independent dairy company, Synlait Limited.

Mr Brook succeeds Graeme Milne who retired from the position to become Chairman of Synlait Milk Limited, Synlait’s joint venture milk processing company, 51 per cent owned by Bright Dairy and Food Limited of Shanghai.

“Barry brings extensive experience in agribusiness both in New Zealand and internationally, particularly in building and developing farming businesses,” says John Penno, Synlait Chief Executive Officer.

Mr Brook has been instrumental in establishing New Zealand’s largest primary sector business investments in South America, mainly in Uruguay but also in Argentina and Brazil. He is qualified in agricultural commerce and economics and is currently operating as an independent agribusiness consultant. Mr Brook led the mergers of Wrightson with Williams and Kettle and Pyne Gould Guinness in the period 2004 to 2006 to form PGG Wrightson and was the group’s Chief Executive until 2008.

A focus on improved pasture production and cost management is driving major gains in productivity on Synlait Farms. In the 2009 season milk production increased 14 per cent over the previous season while costs fell, creating a significant increase in operating earnings.

Production in the current season is up a further 10 per cent.

The business at hand for Synlait Ltd is driving further productivity improvement from our farming business and working with Bright to maximize the value from our new Synlait Milk partnership, Mr Penno says.

“Barry’s experience and skills are particularly welcome as we move Synlait Ltd forward.”

Meanwhile the construction of a second drier and packaging plant to double processing capacity at the Dunsandel site is on schedule to be commissioned in September 2011. The second drier will advance Synlait Milk’s ability to produce high value milk powders including infant formula for the Chinese market where Bright Dairy has an extensive distribution network.

“Graeme’s expertise in milk processing and marketing will be of great value for the further development of this business,” Mr Penno says.

Synlait Limited is a public company and its shares are traded on the platform managed by Polson Higgs.

ENDS

© Scoop Media