CANADA: Acquisition boosts Lassonde Industries profits

By Michelle Russell | 30 March 2012

Canadian food and drink manufacturer Lassonde Industries has booked an increase in full-year profits, boosted by its acquisition of juice firm Clement Pappas and Co.

For the 12 months to the end of December, the company earned C$34.5m (US$34.5m), a 7.8% increase on the prior-year, Lassonde reported yesterday (29 March).

Operating profits climbed 20.3% to reach C$60.3m. The acquisition had a C$7.8m net favourable impact (including acquisition costs) on the 2011 figure. Excluding the impact, operating profit would have increased 4.8%.

Sales in the period reached C$760.3m, up 41.8% from fiscal 2010. The growth was primarily due to the acquisition, which contributed C$178.6m to the increase.

"We are satisfied with the progress of the Clement Pappas integration. The results of fiscal 2011 are in line with our expectations despite a difficult business environment resulting from increased raw material costs," said Lassonde Industries chairman and CEO Pierre-Paul Lassonde.

Sectors: Condiments, dressings & sauces, Financials