News in brief
Westland Milk Products lowers pay-out prediction
The company revealed recently that it expects to be acquired by Chinese dairy company Yili.
Chairman Pete Morrison said factors driving the revision included the fact that the last quarter’s sales targets for infant and toddler nutrition (ITN) will not be met.
“While we have seen increased production of ITN by 29%,” Morrison said, “the budget was reliant on the business achieving 52% sales growth, and now the forecast sales growth is 34%.
“This situation reinforces Westland’s need to have better and more direct sales channels and to reduce our reliance on third party distributors.”
Morrison said the board believes one of the benefits of the takeover is that Yili will provide a strong route to market as one of the world’s leading dairy producers.
