Murray Goulburn’s owner, Saputo, has announced the purchase of a United Kingdom milk processor for about 1 billion pounds.
Dairy Crest manufactures and markets cheese butter, spreads and oils and employs about 1100 people.
The company has an annual revenues of about 450 million pounds.
This is Saputo’s first foray into Europe.
Saputo says the transaction would enable the company to expand its international presence and enter the UK market by acquiring and investing in a well-established and successful industry player with a solid asset base and an experienced management team. Dairy Crest is an attractive platform which fits with Saputo's growth strategy.
The purchase is being made through a share offer and the Dairy Crest board has unanuimously recommended to their shareholders to accept the offer.
This acquisition will enable Saputo to expand its international presence and enter the UK market by acquiring and investing in a well-established and successful industry player with a solid asset base and an experienced management team. Dairy Crest is an attractive platform which fits with Saputo’s growth strategy.
Operating in Canada, the United States, Argentina and Australia, Saputo’s products are sold in over 40 countries worldwide. Saputo is the largest dairy processor in Canada and one of the 10 largest dairy companies globally.