Dec.1, 2008, Montreal- Saputo Inc. acquired the activities of Neilson Dairy, the division
of Weston Foods Inc. that manufactures, sells and distributes,
primarily in Ontario, fluid milk and dairy beverages, cream products and non
dairy creamers, butter, yogurt, juices and drinks under the Neilson and other
brands.
Neilson
Dairy employs approximately 390 people at its two facilities located in Halton
Hills and Ottawa. It generates annual sales of about $600 million and annual
earnings before interest, income taxes, depreciation and amortization of
approximately $50 million. The purchase price of $465 million on a debt-free
basis was paid in cash by drawing on available lines of credit and additional
financing.
This transaction will enable Saputo Dairy Products Division in Canada to
increase its presence in the Ontario fluid milk and cream market. Neilson Dairy
primarily operates within the retail market segment and Saputo inherits Neilson
Dairy's long term relationships with its customers as part of the transaction.
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