Saputo Completes the Acquisition of the Fluid Milk Activities of Scotsburn Co-Operative Services Limited
14 Abril 2014 - 1:48PM
Marketwired Canada
Saputo Inc. ("Saputo") (TSX:SAP) completed today the transaction announced on
January 17, 2014 and acquired the fluid milk activities of Scotsburn
Co-Operative Services Limited based in Atlantic Canada ("Scotsburn Fluid Milk
Business"). Scotsburn is a Nova Scotia cooperative that will continue its other
activities such as its frozen ice cream and frozen novelties business.
The purchase price of $61 million, on a debt-free basis excludes about 8M$ of
working capital items and was paid by drawing on available credit lines.
The Scotsburn Fluid Milk Business operates two fluid milk processing facilities
located in Sydney, Nova Scotia, and Mount Pearl, Newfoundland and employs an
aggregate of approximately 400 people in Atlantic Canada. Its operations consist
of manufacturing, selling, marketing, distributing and merchandising of products
such as fluid milk, cream, sour cream, ice cream mix and cottage cheese, mainly
under the Scotsburn brand. The Scotsburn Fluid Milk Business generates annual
sales of approximately $160M and about $8M of earnings before interest, taxes,
depreciation and amortization (EBITDA).
This transaction will enable Saputo's Dairy Division (Canada) to increase its
presence in Atlantic Canada.
About Saputo
Saputo produces, markets, and distributes a wide array of dairy products of the
utmost quality, including cheese, fluid milk, extended shelf-life milk and cream
products, cultured products and dairy ingredients. We are one of the top ten
dairy processors in the world, the largest in Canada, the third largest in
Argentina, the fourth largest in Australia and among the top three cheese
producers in the United States. Our products are sold in more than 40 countries
under well-known brand names such as Saputo, Alexis de Portneuf, Armstrong,
Baxter, Dairyland, Dragone, DuVillage 1860, Friendship, Frigo Cheese Heads,
Great Midwest, King's Choice, Kingsey, La Paulina, Milk2Go, Neilson, Nutrilait,
Ricrem, Salemville, Stella, Sungold and Treasure Cave. Saputo Inc. is a publicly
traded company whose shares are listed on the Toronto Stock Exchange under the
symbol "SAP".
FOR FURTHER INFORMATION PLEASE CONTACT:
Media and Investor Relations
Sandy Vassiadis
Director, Corporate Communications
514-328-3347
Saputo (TSX:SAP)
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