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.
Lino Saputo, CEO of Saputo said: “This partnership will enable the cookies, fine breads and soups categories to progress within a wider family of products, and our grocery products sector to focus on the development of the snack cakes category.” Saputo’s Grocery Products sector will market and distribute a broad selection of snack cakes under the Vachon brand name.
By Monica Dobie, just-food.com correspondent in Montreal, Canada