Saputo Inc. has acquired another dairy co-operative in Australia; this one for $1.29 billion
Montreal – Saputo Inc. has acquired an Australian co-operative for $1.29 billion.
The acquisition of Murray Goulburn Co-Operative Co. Limited (MG), says a statement, will complement the activities of Saputo’s Dairy Division (Australia).
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MG is one of Australia’s largest dairy foods companies. The organization, which has sales offices across Australia, in Japan and in China, was established in 1950 and supports approximately 2,200 dairy farming businesses across south eastern Australia.
The co-operative’s flagship brand is Devondale, and it manufactures fresh milk, long-life milk, milk powder, cheese, cream, cream cheese, butter and dairy beverages, as well as ingredients, and nutritional products, including infant formula.
The statement says MG supplies both the retail and foodservice industries under the brands Devondale, Liddells and Murray Goulburn Ingredients.
Saputo says that revenues for the 12-month period ended June 30, 2017 for MG were approximately $2.5 billion and “earnings before interest, taxes, depreciation, amortization, milk supply support package forgiveness, rationalisation costs, write-downs and non-recurring costs (“adjusted EBITDA”) of approximately $78 million.”