Canadian dairy co-op Agropur has booked what it claimed are “remarkable” annual financial results, with higher sales and core earnings.
Agropur posted a 5.1% rise in sales to C$3.7bn for the year to 3 November. The co-op did not provide net income but said earnings before interest, taxes, amortisation and joint ventures, its operating surplus, was up 0.7% at C$246.8m.
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“Globally, the co-operative is in a more solid position than ever, and our operating results achieved a remarkable level again this year. This means that we have the resources that we require to pursue our growth,” Agropur CEO Robert Coailler said.
Last week, Agropur announced plans to merge with smaller Canadian dairy co-op Farmers Co-operative Dairy.
Agropur dwarfs Farmers Co-operative Dairy. The company has 25 plants in Canada and the US and generates annual sales of over C$3.7bn. Farmers Co-operative Dairy turns over C$176m a year.
The proposed merger will be submitted to members for approval during separate meetings on 12 March. The companies aim to complete the merger by 2 April.
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