Reacting to a WTO export barricade, and a need to serve expanding global pizza customers, Saputo Inc. is buying the third-largest dairy company in Argentina to serve as a springboard for global exports.
MONTREAL-Reacting to a WTO export barricade, and a need to serve expanding global pizza customers, Saputo Inc. is buying the third-largest dairy company in Argentina to serve as a springboard for global exports.
The Montreal-based company said last month it will pay $68 million (CAN) to acquire two plants run by Molinos Rio de la Plata S.A. The plants have 850 workers and annual sales of $120 million, of which 40% are exports. Saputo, had been seeking an international platform since a World Trade Organization ruling last year prohibited Canadian cheese exports because of government control over milk prices.