The acquisition is targeted to close 1 August 2014 subject to satisfaction of customary closing conditions.
This transaction will double Agropur’s US processing operations and will increase its global milk intake by 50%. It will also strengthen its position in the North American and international dairy industries.
“I am excited about this opportunity and what it affords our suppliers, customers and most importantly our employees,” said Jon Davis, Davisco CEO. “Davisco and Agropur have built, over 70 years, very similar cultures. Along with all of Davisco’s management team, I look forward to becoming part of the Agropur family and I am very excited about what the future holds. These are exciting times, and it will be a tremendous pleasure and an honour to be part of Agropur going forward.”
The acquisition includes three Davisco cheese processing factories in Le Sueur (Minnesota), Jerome (Idaho) and Lake Norden (South Dakota). It also includes an ingredients plant in Nicollet (Minnesota), a Friendly Confines Cheese Shoppe in Le Sueur (Minnesota), as well as sales offices located in Eden Prairie, Minnesota (North America Sales office), Shanghai (China Sales Office), Singapore (Southeast Asia Sales Office) and Geneva, Switzerland (Europe Sales Office), and distribution centres located in Rotterdam, the Netherlands, and Tianjin, China.
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