Saputo has completed the transaction to acquire Neilson Dairy, the dairy division of Weston Foods (Canada).
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The C$465m (US$372m) acquisition, first announced on 22 October, will enable Saputo to increase its presence in Ontario in the markets for fluid milk and cream, the company said yesterday (1 December).
Weston Foods manufactures, sells and distributes – primarily in Ontario – fluid milk and dairy beverages, cream products and non-dairy creamers, butter, yogurt, juices and drinks under the Neilson brand and other brands.
Neilson Dairy employs around 390 people at its two facilities located in Halton Hills and Ottawa, Ontario, and generates annual sales of around C$600m and annual earnings before interest, income taxes, depreciation and amortization of around C$50m.
The purchase price was paid in cash by the use of bank loans and “additional resources”, Saputo said.
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