Canterbury milk processor Synlait is paying $112 million for Christchurch-based Dairyworks, a major domestic dairy products trader. The purchase is subject to approval by the Overseas Investment Office. It says the acquisition of Dairyworks will provide Synlait with another meaningful move towards the delivery of its ‘Everyday Dairy’ strategy and complements the company’s recent acquisition of cheese manufacturer Talbot Forest. Family owned Dairyworks’ Alpine and Rolling Meadow cheese brands plus private labels hold the number one spot, with 47 percent of the local cheese market. It also owns the Deep South ice cream brand and makes milk powders.

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