Following its acquisition by Canadian dairy company Saputo earlier this year, Dairy Crest has announced it is changing its name to Saputo Dairy UK.
With the expansion of both its Davidstow Creamery in Cornwall and its functional ingredients business, international markets are increasingly important to the growth of the unit. According to Saputo, the strength of the Saputo name, and its reach and reputation in key overseas markets, will support that expansion.
The change to the corporate brand will have no impact on Dairy Crest’s consumer-facing brands, including Cathedral City cheddar, Clover dairy spread, Country Life butter and Frylight cooking spray.
Tom Atherton, who was appointed COO of Saputo’s UK unit in May, said: “Since the acquisition completed in April, we have received resounding feedback from our employees that now is the time to rebrand the company, marking a new phase in our development as we integrate ourselves into the Saputo family.
“Cathedral City and our other market-leading brands have always been our prime focus, and that will remain the case. Our consumers will see no change to our much-loved products.”
Saputo announced in February it had agreed to acquire Dairy Crest for £975 million in a move to expand its international presence and enter the UK market.
For the year ended 31 March 2018, Dairy Crest had revenues of approximately £456.8 million and profit after tax of £149.5 million.
Earlier this year, Saputo secured a deal to acquire the speciality cheese business of Australia’s Lion Dairy & Drinks for AUD 280 million ($196.9 million). Brands included in the acquisition are South Cape, Tasmanian Heritage, Mersey Valley and King Island Dairy.
© FoodBev Media Ltd 2019