US: Saputo to buy owner of cheese maker DCI
Saputo acquires US speciality cheese business
Canaidan dairy group Saputo is to acquire Fairmount Cheese Holdings, the parent company of US speciality cheese group DCI Cheese Co., for US$270.5m.
DCI's portfolio includes import licences for speciality cheeses and the company manufacturers spreads, salsa, hummus and dips under brands including County Line, Great Midwest, King's Choice and Nikkos.
For the year ended 31 December 2010, DCI reported EBITDA of $34m on sales of $460m.
The deal will also see Saputo acquire a production facility in Santa Rosa, California, a cut and wrap facility located in Green Bay, Wisconsin, and a distribution centre in Carlstadt, New Jersey.
Saputo said that the addition of DCI will "complement" the activities of its US business and increase its presence in the speciality cheese category in the market.
The acquisition of US speciality cheese maker DCI Cheese Co. and higher cheese prices south of the border have boosted Canadian dairy giant Saputo's first-quarter results....
Canadian dairy company Saputo has reported a 3.4% increase in fourth-quarter profits but missed analyst forecasts on its earnings in the last three months of its financial year....
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