OTTAWA (dpa-AFX) - Saputo Inc. (SAP.TO), a producer of dairy products, announced Tuesday two strategic acquisitions in each of the dairy alternatives and value-added ingredients segments, representing a combined investment of around C$187 million.
In Dairy Alternative Cheese segment, the company completed the acquisition of Bute Island Foods Ltd., a manufacturer of a variety of dairy alternative cheese products under vegan Sheese brand, alongside private label brands. The business is located on the Isle of Bute, off the West Coast of Scotland, and employs around 180 people, including its founders.
Saputo also announced more than C$5 million over five years to support local Bute Island community initiatives.
In Value-Added Ingredients segment, Saputo entered into an agreement to acquire the Reedsburg facility of Wisconsin Specialty Protein, LLC in the U.S. It manufactures value-added ingredients such as goat whey, organic lactose and other dairy powders and it employs approximately 40 people. The transaction is expected to close at the end of May 2021.
Saputo said these two acquisitions are in line with and will contribute favourably to its new global strategic plan objectives to be presented in its year-end disclosures and during its year-end earnings webcast on June 3.
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