The Scotsburn Fluid Milk Business operates two fluid milk processing facilities located in Sydney, Nova Scotia, and Mount Pearl, Newfoundland.
MONTREAL, QUEBEC--(Marketwired - Jan. 17, 2014) - Saputo Inc. ("Saputo") (TSX:SAP) announces today it has entered into an agreement to acquire the fluid milk activities of Scotsburn Co-Operative Services Limited based in Atlantic Canada ("Scotsburn Fluid Milk Business"). Scotsburn is a Nova Scotia cooperative that will continue its other activities such as its frozen ice cream and frozen novelties business.
The purchase price of $61 million, on a debt-free basis excludes about 8M$ of working capital items and is payable in cash by drawing on available credit lines. The transaction is subject to the approval of Scotsburn co-op members and usual conditions (including approval by the Canadian Competition Bureau) and is expected to close around March 2014.