Saputo has announced that it has acquired the activities of Murray Goulburn, Australia’s largest dairy company.
The Canadian dairy giant said the A$1.31 billion debt-free transaction was financed through a newly committed bank loan.
It said the move will add to and complement the activities of the company’s dairy division (Australia) and reinforce its commitment to strengthen its presence in the Australian market.
“The Company intends to continue to invest in its existing Australian platform and contribute to the ongoing development of its domestic and international business,” Saputo said in a statement.
MG, which produces drinking milk, milk powder, cheese, butter and dairy beverages, as well as a range of ingredient and nutritional products, supplies the retail and food service industries globally with its flagship Devondale, Liddells and Murray Goulburn Ingredients brands.
The company owns and operates seven manufacturing facilities across Australia and one in China, and has approximately 1,900 employees.