#TGD: Saputo Inc. Finalise Morningstar Foods Acquisition

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GLOBAL – Food processor, marketer and distributor, Saputo Inc, have finalised a US$1.45 billion buyout of Morningstar Foods from the Dean Foods division.Saputo Inc have bought Morningstar Foods in a transaction funded by US$250 million company money and a new bank loan of US$1.2 billion.

Morningstar, a non dairy and dairy extended shelf life company (ESL), produce a large range of prodcuts in the United States including creams and creamers, ice cream mixes, whipping cream, aerosol whipped toppings, iced coffee, half and half, value-added milks, as well as cultured products such as sour cream and cottage cheese.
The products are sold under owned brands and labels by internal sales teams and outside food brokers. Morningstar sells to retailers, national quickserve restaurant chains, grocery stores, mass merchandisers and distributors across the United States and has annual revenues reported to be CDN$1.6 billion.
The deal is expected to be worth US$887 to Dean Foods after taxes and expenses and involves the operations of Morningstar Foods totalling 2,000 employees over 10 production facilities in nine states.
Dean Foods also completed the previously announced transaction with The WhiteWave Foods Company (NYSE: WWAV), a controlled subsidiary of the Company, whereby WhiteWave received $60 million net of taxes as consideration for the termination of an option to purchase plant capacity and property at a Morningstar facility and the sale to Morningstar of certain manufacturing equipment located at another Morningstar plant.
Source:  The Dairy Site

Mirá También

Así lo expresó Domingo Possetto, secretario de la seccional Rafaela, quien además, afirmó que a los productores «habitualmente los ignoran los gobiernos». Además, reconoció la labor de los empresarios de las firmas locales y aseguró que están «esperanzados» con la negociación entre SanCor y Adecoagro.

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