Saputo: two new acquisitions in the dairy alternatives sector
A total investment of 72.6 million dollars
The Montreal-based dairy company Saputo has announced two strategic acquisitions in the dairy alternatives and value-added ingredients sectors, for a total investment of 187 million Cad (approximately $ 72.6 million). Saputo has acquired Bute Island Foods, a vegan cheese producer and distributor for the retail and restaurant industry. Bute produces the popular Sheese brand, as well as private label products. Located on the west coast of Scotland, the company employs 180 people.
Lino A Saputo, company's chairman of the board of directors and CEO said: "Our commitment remains to expand into the area of dairy alternatives to meet the changing demands of our customers and consumers. This investment marks an important milestone that it will allow us to accelerate our growth in this sector globally, putting innovation at the top of our priorities".
Additionally, the company has pledged to pay more than 5 million Cad over five years to support local community initiatives and organizations on Bute Island. Saputo's second acquisition involves the Reedsburg plant of Wisconsin Specialty Protein, which produces value-added ingredients such as goat whey, organic lactose and other milk powders. The transaction is expected to close in late May and will allow Saputo to expand and accelerate its ingredient offering in the US and internationally.
EFA News - European Food Agency