Synlait Milk, which twice cut its earnings forecast, posted earnings growth that met revised guidance and said it plans to take a 25 percent stake Sichuan New Hope Nutritional Foods Co to gain a direct interest in a Chinese infant formula brand. Profit rose 70 percent to $19.6 million in the 12 months ended July 31, from $11.5 million a year earlier, the Rakaia-based company said in a statement. Sales rose 43 percent to $600 million…Full Article: Scoop.co.nz Sept 2014
- New Hope Nutritional markets the “akara” brand of infant formula products in China.
- Established in 1982 and headquartered in Sichuan province, New Hope Group is one of China’s largest privately owned agricultural conglomerate, with more than 400 subsidiaries and over 80,000 employees (as of early 2013). The firm is China’s largest feed producer with annual production capacity of 26.6 million tons. In addition, it is one of China’s largest suppliers of meat, egg and dairy products.