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.
“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.
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.