The value of the transaction totalling $356m includes:
“We are very excited about this transaction,” said Agropur president Serge Riendeau. “The dairy industry, both Canadian and worldwide, is very competitive. This transaction will confirm our leadership position in the Canadian milk industry, for the greater benefit of all of our members?producers and owners.”
“This transaction fits perfectly with our growth strategy,” said Agropur CEO Robert Coallier. “It will allow us to better serve our customers and consumers from coast to coast. Thanks to the business related to these assets and the renewal of certain contracts, the acquisition of the plants represents revenues totalling over $400m and sees us accelerate our growth in the Canadian market.”
Sobeys’ dairy activities have 281 employees and process more than 160 million litres of milk per year.
The purchase is subject to usual regulatory approvals.
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