Canadian dairy company Saputo has completed the acquisition of the activities of Schneider Cheese, a US company that manufactures and sells string cheeses and cheese sticks under the Schneider brand name and other private labels.

The purchase price of US$24.4m was paid in cash, on a debt-free basis. Saputo said these assets will complement its current activities in the US.

Schneider Cheese employs approximately 160 people in the US at its plant located in Waldo, Wisconsin. Schneider Cheese's annual revenues are approximately US$40m.