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April 19, 2005

CANADA: Saputo completes Fromage Côté, Distributions Kingsey acquisition

Canadian dairy products maker Saputo has completed the acquisition of the cheese making activities of Fromage Côté SA and Distributions Kingsey Inc.

Canadian dairy products maker Saputo has completed the acquisition of the cheese making activities of Fromage Côté SA and Distributions Kingsey Inc.

The deal covers the acquisition of the manufacturing, marketing and distribution activities of Fromage Côté S.A. and Distributions Kingsey Inc. for their pressed cheddar and cheddar cheese curd, Swiss-type cheese and other specialty cheeses sold under the brand names Kingsey, Princesse, Sir Laurier d’Arthabaska and Du Village de Warwick. The purchase price is C$52.9m (US$42.37m)  on a debt-free basis, payable in cash.

Fromage Côté S.A. and Distributions Kingsey Inc. employ approximately 400 people in Québec at their plants in Warwick and Plessisville, at their cheese aging centre in Victoriaville, as well as at their cutting and distribution centre in Boucherville. The organization’s annual revenues are approximately C$110 m. These assets will complement Saputo’s current cheese-making activities in Canada.

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