Saputo

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CANADA: Saputo posts rise in Q4 profit, on the lookout for acquisitions

11 Jun 2003

North American cheesemaker Saputo has posted a rise in fourth-quarter profit and said it was on the lookout for possible acquisitions. Montreal-based Saputo posted earnings of C$47.8m (US$35.2m) for the quarter to 31 March, compared with $43.3m in the year-ago period. Sales were down to $807.1m from $833.6m because of a lower selling price per pound of cheese in the US and the appreciation of the Canadian dollar against the US dollar.

CANADA/USA: Saputo buys blue cheese brands from ConAgra

27 May 2003

Canadian dairy processor Saputo has acquired the Treasure Cave and Nauvoo blue cheese brands together with certain related assets from US food company ConAgra Foods. Montreal-based Saputo did not disclose financial terms of the deal but said the acquired assets generate annual revenues of around US$20m and will make Saputo the leader in the US blue cheese retail market.

CANADA/USA: Saputo reports Q3 profits rise, seeks US acquisitions

13 Feb 2003

Canada’s largest cheese processor, Saputo, has reported a 21% rise in its third-quarter profit and said it is looking for US acquisitions.

CANADA: Saputo reports slight rise in Q2 profits

13 Nov 2002

Canada’s largest cheese processor Saputo has reported second-quarter profit of C$42.1m (US$26.7m), compared with C$41.5m in the second quarter of last year.

CANADA: Saputo to close three plants in its Cheese Division (Canada)

13 Sep 2002

Montreal-based dairy processing giant Saputo is to close three plants in its Canadian cheese division, located in Souris, Manitoba; Yorkton, Saskatchewan; and Oakville, Ontario.

CANADA: Saputo says quarterly dividends to double

8 Aug 2002

Saputo, the largest dairy processor in Canada and one of the leading cheese producers in the US, has posted net earnings of C$42.1m (C$0.41 per share) for its Q1 2003, ended 30 June 2002, up 4.5% from C$40.3m (C$0.40 per share) year on year.   Revenues of C$873.9m were essentially flat year on year. Although, Saputo said, had it not been for the drop in the average price per pound of cheese in the US during the Q1 2003, the revenues would have been greater by about C$37m. Also, Grocery Products Sector sales in Q1 2002 included C$19.8m from the cookies, fine breads and soups that were transferred to Dare Foods in July 2001.

CANADA: Saputo to close its Wisconsin cheese manufacturing plant

2 Aug 2002

Canadian dairy processing giant Saputo has revealed that it will close its Denmark (Wisconsin, USA) cheese manufacturing plant by 1 October. The plant's activities will be transferred to the Whitehall (Pennsylvania, USA) cheese facility. Thirty-five employees are affected by this decision, and they will all be offered the possibility of transferring to other plants operated by the company.

CANADA: Saputo announces secondary offering of common shares

1 Jul 2002

Montreal-based dairy processor Saputo has announced the closing of the secondary offering of common shares by companies controlled by Emanuele (Lino) Saputo or members of his family. The shareholders sold 7,635,000 common shares of the company at a price of US$32.75 per share, for proceeds in the aggregate of C$250m (US$164.8m). Net proceeds after deducting the underwriters' fee, amounts to about C$240m.

CANADA: Saputo owners reduce stake in business

11 Jun 2002

Key shareholders in Canada#;s largest dairy processor, Saputo, Inc., plan to sell about C$250m (US$162m) worth of their shares.

CANADA: Saputo reports net earnings up 29.1% in 2002

6 Jun 2002

Montreal-based dairy processor Saputo has reported positive financial results for the fiscal year ended 31 March 2002. Net earnings totalled C$160.2m (US$104.4m), or C$1.56 (basic) per share, an increase of 29.1% over the C$124.1m or C$1.21 (basic) per share (before amortization of goodwill) of the previous fiscal year. Dairyworld, acquired on 5 February 2001, was the main driving force behind this increase, and once again this year each of the divisions performed well.

CANADA: Saputo announces acquisition of ConAgra Foods Whitehall's cheese facility

12 Mar 2002

The largest dairy processor in Canada, Saputo Inc, announced yesterday [Monday] that it has acquired the assets related to the ConAgra Foods Whitehall, Pennsylvania, cheese facility. The plant, which employs approximately 100 people, specializes in the manufacturing of mozzarella and provolone. About 30 million pounds of cheese are manufactured at the plant on an annual basis.

CANADA: Saputo reports Q3 net earnings up 37.1%

22 Feb 2002

Canada's largest dairy processor Saputo has posted financial results for its Q3 of fiscal 2002, ended 31 December 2001, with net earnings up 37.1% year on year, to C$35.1m (US$22m)(C$0.34/share) from C$25.6m (C$0.25/share). Saputo explained that two important elements are reflected in these results. First, the performance of its latest acquisition, Dairyworld, whose integration process is still on course and whose performance is very encouraging. The contribution of Dairyworld activities to the overall earnings of the company grows steadily. Indeed, its EBITDA margin has risen by more than 50% since its acquisition in February 2001.

CANADA: Saputo announces closure of two Canadian plants

1 Feb 2002

Saputo Inc , the largest dairy processor in Canada, announced yesterday [Thursday] that two of its Canadian cheese manufacturing plants, those located in Saint- Francois- Xavier de Brompton, Quebec, and in Bashaw, Alberta, will be closed. The closures are part of the integration process initiated following the acquisition of

CANADA: Allergy alert - presence of undeclared eggs in HOP & GO! chocolate granola saquares and HOP & GO! chocolate & peanut granola squares under the Vachon brand

17 Dec 2001

(Montréal) As a precautionary measure, Saputo Bakery Division is voluntarily removing its Vachon Brand Hop & Go! Chocolate Granola Squares and Hop & Go! Chocolate & Peanut Granola Squares from the marketplace.  Consumers with allergies to egg protein are advised not to consume these products.  The product labels do not list eggs in the list of ingredients.

CANADA: Saputo announces joint venture with Dare Foods

18 Jul 2001

Saputo Inc. , Canada's largest dairy processor, has announced that it has completed the JV agreement between its subsidiary, Culinar , and Canadian food rival Dare Foods . This transaction follows the announcement in June where Dare Foods acquired the biscuit, fine breads and soup operations of Saputo's grocery products sector. The deal gives Saputo a 21% stake in Dare Foods.

USA: Dare Foods expands with acquisition of Culinar businesses

19 Jun 2001

Dare Foods Limited announced today that it will acquire the cookie, fine bread and soup businesses of Culinar Inc., under a partnership agreement signed with Saputo Inc. of Montreal. This transaction is expected to be completed by mid July, subject to the usual closing conditions and Competition Bureau approval. This acquisition effectively doubles Dare's Canadian business and gives it the second largest retail market share in the cookie category in Canada.

CANADA: Saputo Inc. - financial results for fiscal 2001 - net earnings up 10.1% - cash flow up 8.0%

6 Jun 2001

Saputo Inc. revealed today its financial results for the fiscal year ending March 31, 2001. NET EARNINGS UP 10.1 % The Company's net earnings for fiscal 2001 stood at $110.2 million ($2.15 per share), up 10.1% over last year's earnings of $100.1 million ($2.00 per share). However, certain factors beyond the Company's control - such as the fact that the price per pound of cheese on the American market dropped to its lowest point of the last twenty years, the reality of rising energy costs and difficult conditions in the export market that have hampered the expansion of our international customer base - have had a negative impact and slowed the progress of net earnings for fiscal 2001.

USA: Decrease in the selling price of cheese on the American market affects revenues and net earnings of the third quarter of Fiscal 2001

22 Feb 2001

Saputo Inc announced today its financial results for the third quarter of 2001, ended December 31, 2000. During this quarter, the Company had to contend with a substantial devaluation of its inventories due to the significant decrease in the average selling price per pound of cheese on the American market. In fact, it fell to its lowest level in ten years. The ongoing improvement in the Company's manufacturing processes and the synergies developed in the normal course of activities could not fully offset the negative impact of the low average selling price per pound of cheese.

CANADA: George Weston plan sales to buy Bestfoods Baking

20 Feb 2001

George Weston is to sell two food-processing operations and reduce its stake in its Loblaw supermarkets in order to fund its US$1.77bn acquisition of Unilever's Bestfoods Baking subsidiary. Weston said it plans to concentrate the food processing division on baking activities and will sell its

USA: Saputo Inc. completes acquisition of Dairyworld Foods

6 Feb 2001

Saputo Inc. declared yesterday that it has closed the transaction announced on December 18, 2000 for the acquisition of the fluid-milk and cheese operations as well as certain joint-venture interests of Agrifoods International Cooperative Limited, more commonly known as "Dairyworld Foods". The purchase price is approximately C$407 million (US$268 million) on a debt-free basis and is being financed through bank indebtedness.

USA: Agrifoods delegates approve the sale of Dairyworld Foods to Saputo

16 Jan 2001

Saputo Inc. declared today that the agreement that it announced on December 18, 2000 to acquire the fluid-milk and cheese operations as well as certain joint-venture interests of "Agrifoods International Cooperative Limited", more commonly known as "Dairyworld Foods", was approved by the cooperative's delegates at a meeting held on January 12, 2001. Closing of the transaction is subject to the usual conditions (including approval by the Competition Bureau) and is still expected by the end of January 2001.

USA: Saputo Inc. announces an agreement to acquire Dairyworld Foods

19 Dec 2000

Saputo Inc. announced yesterday that it has entered into an agreement to acquire the fluid-milk and cheese operations, as well as certain joint-venture interests of Agrifoods International Cooperative Limited, more commonly known as ``Dairyworld Foods.'' This agreement, which has been approved by the Agrifoods board of directors, is subject to ratification by the cooperative's delegate body at a meeting to be held in mid-January 2001.

USA: Saputo Group Inc. - Financial Results for the 2000 Fiscal Year - net earnings up 27% and cash flow up 37%

9 Jun 2000

Saputo Group Inc. today announced its financial results for the year ended March 31, 2000 which proved to be a year of growth for the Company.NET EARNINGS UP 27% Year-end net earnings for fiscal 2000 totalled $100.1 million, or $2.00 per share ($1.89 diluted), a 27% increase over the $79.1 million posted for the 1999 fiscal year.

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