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Highlights:
- Synlait has secured the US FDA permit to export its infant dairy products in US via The a2 Milk company.
- Synlait’s shares closed trading at AU$2.850 per share on ASX by the end of Thursday’s trading session .
On 3 November 2022, the dairy product manufacturer Synlait Milk Limited (ASX:SM1) announced that its dairy products will now be exported to the United States for US-based consumers.
The company’s share price settled at AU$2.850 per share on ASX by the end of Thursday’s trading session. (3 November 2022).
Details of Synlait’s recent update
In an update today, Synlait announced that the US Food and Drug Administration (FDA) had executed its discretion that enables the a2 Milk Company (ASX:A2M) to import infant formula milk products into the United States. Synlait is expected to produce these dairy products for the a2 Milk Company.
Synlait added in its update that this approval from the FDA enables the import of the a2 Platinum® infant product (stages 1 and 2) from New Zealand into the United States. The import of this infant dairy product will begin now and continue until 6 January 2023.
Furthermore, the FDA’s permit also enables the a2 Milk Company to supply stage 3 infant products in addition to this, and it does not require the enforcement of any discretion.
Grant Watson, CEO of Synlait Milk Limited, said:
However, Synlait mentioned in its update that the company chose to keep its FY23 guidance intact post this update.
Summary of Synlait’s share price performance on the ASX
The share price of Synlait has declined by almost 12% on the ASX in the past 12 months. Furthermore, on a year-to-date basis, the company’s share price has fallen over 12% on the ASX (as of 3:00 PM AEDT on Thursday).