Saputo buys Aussie cheese business for $134M
By Alyssa Dalton
Mar. 2, 2015 – Saputo Inc. announced today its Australian subsidiary, Warrnambool Cheese and Butter Factory Company Holdings Ltd. (WCB), is set to acquire the everyday cheese business of Lion-Dairy & Drinks Pty Ltd. based in Victoria, Australia.
The C$134.4-million transaction, according to Quebec-based Saputo, will enable WCB to increase its presence in the consumer-branded everyday cheese products segment.
Cutting and wrapping, distribution, sales & marketing, and intellectual property associated with the Coon, Cracker Barrel, Mil Lel and Fred Walker brands are included in the everyday cheese business.
The transaction is expected to close in early May, subject to regulatory and shareholder approval.
In December 2014, we reported that Saputo was selling its bakery division, which makes Joe Louis and May West snack cakes at a Quebec manufacturing plant, to Canada Bread Company for $120 million.
— With files from The Canadian Press