Canadian dairy cooperative Agropur has purchased the remaining 50% stake in its joint venture with Agrifoods International for yogurt manufacturer, Ultima Foods.
The joint venture deal for Ultima Foods was originally signed in 1993, as Agropur and Agrifoods combined its yogurt manufacturing and marketing operations.
Agropur president René Moreau said: “I am very pleased with this transaction. Our partnership with Agrifoods has been exceptional and I want to thank our partner for its historical commitment in jointly developing Ultima Foods. This transaction continues along the course we have charted and will support our long-term development in the yogurt category.
“We are always very proud when we are able to keep processing assets in the hands of Canadian dairy farmers.”
Ultima Foods, which bought yogurt processor Olympic Dairy in 2004, and launched its own Canadian brand, Iogo, has annual sales of over $300 million.
Agropur CEO Robert Coallier added: “Our business relationship with Agrifoods has been very fruitful. Among other things, it led to the creation of the Iogo brand, a launch that is considered a milestone in the history of Canada’s food industry, and more recently the rebranding of Olympic. This transaction is a unique opportunity to develop and optimise our business model.”
© FoodBev Media Ltd 2020