Saputo announces two new strategic acquisitions
Saputo Inc has announced two strategic acquisitions in each of the dairy alternatives and value-added ingredients segments, representing a combined investment of approximately CDN$187 million.
Saputo has completed the acquisition of Bute Island Foods Ltd, an innovative manufacturer, marketer and distributor of a variety of dairy alternative cheese products for both the retail and foodservice market segments under the award-winning vegan Sheese brand, alongside private label brands. The business is located on the Isle of Bute, off the West Coast of Scotland (UK) and employs approximately 180 people, including its founders.
“We are delighted to welcome the Bute Island Foods team and the wealth of knowledge they bring to our global family. Our commitment remains to expand our footprint in the dairy alternatives space to meet the changing demands of our customers and consumers. This investment marks an important milestone that will allow us to accelerate our growth in this area globally, putting innovation at the forefront of our priorities,” said Lino A Saputo, chair of the Board and chief executive officer, Saputo Inc.
Supporting the communities where it operates, Saputo has also pledged more than CDN$5 million over five years to support local Bute Island community initiatives. Community engagement is important to Saputo who strives to invest 1% of its pre-tax profits each year in community programmes and organisations that promote a healthy lifestyle for people of all ages. To learn more, visit www.saputo.com/our-promise/community.
Additionally, Saputo has entered into an agreement to acquire the Reedsburg facility of Wisconsin Specialty Protein, LLC. This facility located in Wisconsin (USA) manufactures value-added ingredients such as goat whey, organic lactose and other dairy powders and it employs approximately 40 people. This transaction is expected to close at the end of May 2021 and will enable Saputo to broaden and increase the value of its ingredients offering, enhancing its portfolio in the US and internationally.
These two acquisitions are in line with and will contribute favourably to Saputo’s new global strategic plan objectives to be presented in the company’s year-end disclosures and during its year-end earnings webcast on 3 June 2021. To learn more, visit www.saputo.com/en/investors/calendar-of-events.