新莱特拟出售北岛资产“回血”，买家雅培难回中国奶粉市场

Core Viewpoint - Synlait Milk Limited, a subsidiary of Bright Dairy, plans to sell its North Island assets to Abbott for $170 million due to underutilization and significant losses affecting overall profitability [1][3][4] Group 1: Asset Sale Details - The North Island assets include the Pōkeno factory, RPD, and Jerry Green site, with an expected completion date of April 1, 2026 [3] - The Pōkeno factory, completed in 2020, has an annual capacity of 40,000 tons and is considered a state-of-the-art facility for producing various nutritional products [3] - The North Island assets are currently underperforming, with an estimated EBIT loss of NZD 20 million for the 2025 fiscal year [3][4] Group 2: Strategic Rationale - The sale is part of a strategic assessment initiated in April 2024 to address operational challenges and focus on core business areas [4][5] - By divesting these assets, Synlait aims to reduce debt, improve long-term profitability, and enhance financial stability [4][5][8] - The transaction is expected to generate additional cash flow for debt repayment and reduce interest costs, aligning with Synlait's goal to mitigate financial liquidity risks [4][5] Group 3: Financial Performance - Synlait's revenue for the 2024 fiscal year was NZD 7.439 billion, a 1.06% increase, but it reported a net loss of NZD 450 million, a 52.03% decline year-on-year [7] - The company has faced challenges such as rising commodity prices and increased financing costs, leading to a significant decline in profitability [7] - Following the asset sale, Synlait anticipates an increase in net profit of approximately NZD 10 million to NZD 15 million for the 2026 fiscal year [7][8] Group 4: Abbott's Interest - Abbott, which has been a customer of Synlait since 2020, is acquiring the North Island assets, raising speculation about its potential return to the Chinese infant formula market [2][10] - Abbott has previously exited the Chinese infant formula market due to competitive pressures and regulatory challenges, and it has not confirmed any plans to re-enter [2][10]