North American cheesemaker Saputo has posted a rise in fourth-quarter profit and said it was on the lookout for possible acquisitions.
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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.
“With a market share of approximately 20% in fluid milk, we are open to considering eventual acquisitions in Canada in milk and in dairy beverages,” the firm was quoted by Reuters as saying.
“The United States remains the place where the potential for acquisitions is greatest. The US industry is coming off a rather difficult year and remains relatively fragmented. There is room for consolidation, and we will be watchful,” Saputo continued.
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By GlobalDataThe company also said it was on the lookout for acquisitions and partnerships beyond North America.
