Saputo Finalizes Sale of Two Australian Facilities to Coles Group for CDN$95 Million
Source: The DairyNews
Saputo Inc. announced the completion of the previously disclosed sale of two fresh milk processing facilities located in Laverton North, Victoria, and Erskine Park, New South Wales, to Coles Group Limited, an Australian-based supermarket, retail, and consumer services chain. The transaction is valued at approximately CDN$95 million.
This divestment is a key element of Saputo's network optimization strategy, which is a crucial pillar of the company's Global Strategic Plan. "This sale reinforces our roadmap for long-term success in Australia and demonstrates our agility in further adapting our manufacturing footprint to focus on higher-value growth opportunities," stated Lino A. Saputo, Chairman, President, and CEO.
As part of the transaction, Saputo will uphold its valued relationships with Australian farmers and continue the processing of fresh milk products at the two facilities. Furthermore, the employment of approximately 48 individuals at these sites has been transferred to Coles Group Limited, ensuring job continuity.
As part of the transaction, Saputo will uphold its valued relationships with Australian farmers and continue the processing of fresh milk products at the two facilities. Furthermore, the employment of approximately 48 individuals at these sites has been transferred to Coles Group Limited, ensuring job continuity.
