Canadian cheese maker Saputo has reported an 11.6% rise in profits during its first quarter ended 30 June to C$46.1m (US$32.9m) or 45 cents per share.
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Turnover in value terms declined to $816.8m from $873.9m in the same period of last year.
Saputo also announced that Lino Saputo Jr., president and CEO of its US cheese division, has been elected by the board to succeed his father, Lino Saputo, as CEO of the parent company at some point during the coming 12 months, reports the Toronto Star.
“With his knowledge of the industry and his talent, he will be able to lead the company towards new horizons,” Lino Saputo, the 66-year-old founder of the Quebec-based cheese empire, said in a release. Saputo Sr. will remain as chairman of the company.
The company also said it will examine its bakery division over the next few months and consider alternatives for optimising its growth, including:
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By GlobalData
Expanding the product line and entire Vachon brand name through targeted acquisitions, or;
A partial or total sale of the company’s interest in the bakery division, which includes the Vachon brand and the company’s stake in cookie maker Dare Foods. In July, 2001, Saputo transferred its cookie, fine-bread and soup operations to Dare for a 21% investment in that company.
