Synlait is making moves to sell its North Island facilities to United States company Abbott for $307 million, to tighten its financial position. PHOTO: SYNLAITSynlait Milk has entered an agreement to sell its North Island sites for $307 million to a United States buyer in a business shake-up to focus on core Canterbury operations. Proceeds from the sale to US healthcare company Abbott will be used to cut debt. Synlait chairman George Adams said the sale would strengthen the company’s financial position, with the proceeds used to significantly reduce debt. The sale agreement is targeted to be completed by April 1, subject to conditions.