Synlait Milk in New Zealand has agreed to sell its North Island assets to Abbott Laboratories for $178m, as it returns to EBITDA profitability and trims net losses to NZ$40m in fiscal 2025. The assets include the Pokeno factory, blending and canning facility, and warehouse. The sale proposal will be voted on by Synlait’s largest shareholder, Bright Dairy, on 21 November. The assets represent more than half of Synlait’s market value. The transaction is expected to close on 1 April pending Overseas Investment Act consent. Proceeds will reduce Synlait’s debt from NZ$551.6m to $250.7m.

Read more at Yahoo Finance: Synlait Milk agrees North Island asset sale to Abbott Laboratories