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Saputo completes Alto purchase


Apr. 29, 2008, Montreal – Saputo Inc. has completed the transaction
announced on January 29, 2008 for the acquisition of the activities of
Alto Dairy Cooperative.

Apr. 29, 2008, Montreal – Saputo Inc. has completed the transaction announced on January 29, 2008 for the acquisition of the activities of Alto Dairy Cooperative (Alto).

Alto produces Italian- (mozzarella and provolone) and American-style cheeses (cheddar varieties, Monterey Jack, Muenster, Fontina and Gouda), as well as whey products, which are marketed nationwide under a variety of brand names and private labels. It employs approximately 467 employees in its 2 plants located in Wisconsin. For fiscal 2007, ended June 30, 2007, Alto had sales of US$378 million and EBITDA(1) of US$19.6 million(2). The total consideration for this transaction, US$160 million on a debt-free basis, was paid in cash by drawing on available lines of credit.

This strategic transaction will enable Saputo Cheese Division (USA) to expand its business and represents a major step in its goal to achieve a stronger presence in the US, according to the company.

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