Saputo has officially acquired Dairy Crest, a United Kingdom-based company that manufactures and markets cheese, butters, spreads and oils.
Dairy Crest produces products under British brands, such as Cathedral City, Clover, Country Life and Frylight. Through acquiring Dairy Crest, Saputo plans to expand its international presence and enter the U.K. market. Dairy Crest employs approximately 1,100 people in seven locations across the U.K.
For the 12 period ending on March 31, 2018, Dairy Crest had revenues of approximately £456.8 million (approximately C$795.8 million) and profit after tax of approximately £149.5 million (approximately C$260.4 million), which includes exceptional items representing approximately £98.9 million (approximately C$172.3 million). For the six-month period ended September 30, 2018, Dairy Crest had revenues of approximately £224.9 million (approximately C$391.8 million) and profit after tax of approximately £14.5 million (approximately C$25.3 million), which includes exceptional items representing approximately £4 million (approximately C$7 million).
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