Dive Summary:
- Saputo Inc. has finished signing a deal to acquire Morningstar Foods, a leading dairy and prepared foods producer, for $1.45 million.
- Over the past year, Morningstar earnings were $1.6 billion, with 2,000 employees and production facilities in nine states.
- Most of Morningstar's products are sold under private labels and owned brands, which Saputo expects to continue while introducing some of their line of dairy products.
From the article:
The acquisition of Morningstar will complement the activities of the Saputo Dairy Products Division (USA). Through this acquisition, Saputo will benefit from Morningstar’s national manufacturing and distribution footprint and will optimize coast-to-coast service. This transaction will expand product offerings to customers in the United States and broaden the range of Saputo’s future acquisition opportunities.
The transaction is subject to customary conditions, including regulatory approval, and is expected to close by the end of 2012.
