Saputo enters deal Down Under

by Staff
Share This:
Search for similar articles by keyword: [Dairy], [Cheese]

MONTREAL — Saputo, Inc. has offered to acquire Warrnambool Cheese and Butter Factory Co. Holdings Ltd., one of Australia’s largest milk processors, for a purchase price of approximately C$450 million ($366.3 million), plus the assumption of approximately C$73 million ($70.1 million) in debt.

Pending conditions, the offer is expected to close near early December, unless changed by the Australian Corporations Act. Warrnambool also is the subject of a non-solicited takeover offer entered on Sept. 12 by an Australian dairy company. Each Warrnambool director and executive intends to accept the Saputo offer in the absence of a higher bid.

With two manufacturing sites in South West Victoria and South Australia, Warrnambool produces cheese, butter and butter blends, milk, cream and dairy ingredients for domestic and export markets. For the financial years ended June 30, 2012 and 2013, the company’s consolidated revenues were C$477 million ($462.3 million) and C$479 million ($464.2 million), respectively. Warrambool projects EBITDA for the year ended June 30, 2014, at approximately C$45 million to C$50 million ($43.6 million to $48.5 million).

Saputo is one of the top 10 global dairy processors, with products including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients sold in more than 40 countries.
Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Food Business News do not reflect those of Food Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.