Saputo has completed its acquisition of Lion Dairy & Drinks’ speciality cheese business for $280 million within weeks of the Australian Competition and Consumer Commission (ACCC) clearing the sale.
On 27 October, Saputo announced the completed purchase of the Speciality Cheese Business, which operates at two manufacturing facilities in Burnie and King Island, Tasmania.
Chair of the board and CEO, Saputo, Lino A. Saputo Jr., said the company was delighted to have successfully acquired the speciality cheese business of Lion Dairy & Drinks.
“As we now expand our network and our product offering, we also welcome approximately 400 employees and a new group of milk suppliers to Saputo," he said.
“We look forward to working together to leverage best practices and pursue opportunities to further enhance our leadership position in Australia.”
Saputo announced the purchase was on a cash-free and debt-free basis, with the acquisition “[enabling] Saputo’s Dairy Division (Australia) to further diversify its product offering, adding to and complement its current activities".
The ACCC cleared the deal in September and said that after consultation with “many farmers and other interested parties” it did not think the deal would substantially lessen competition.
