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Saputo Purchases Lion-Dairy & Drinks for $137 Million

Saputo Purchases Lion-Dairy & Drinks for $137 Million


MONTREAL, CANADA

Saputo announced having signed the dotted line.

The company purchased Lion-Dairy & Drinks Pty Ltd., based in Victoria, Australia, for C $134.4 million (US $137.5 million) with an eye in solidifying its name overseas, according to a statement released by the company.

“The transaction will enable WCB to increase its presence in consumer branded everyday cheese products segment in Australia, with strong market positions in this segment and is consistent with Saputo’s stated strategy to invest in WCB to accelerate its growth in Australia,” the company said, according to the press release.

The purchase includes a C $104.1 million (US $82.5 million) purchase for “inventory net of a minimal amount of assumed liabilities,” according to the release.

The purchase was made through its Australian-based subsidiary, Warrnambool Cheese and Butter Factory Company Holdings Limited (“WCB”), and the deal is expected to be finalized sometime in May of this year.

Stay tuned to DeliMarket TV while we bring you the most up-to-date information as this story develops.

Saputo

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