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LONGUEUIL, QC, July 8, 2014 /CNW/ - Agropur Cooperative is pleased to announce that it has concluded a strategic partnership agreement with Sobeys that includes the purchase of the dairy processing activities as well as long term supply agreements. The value of the transaction totalling $356 million includes:
Serge Riendeau, President of Agropur, declared: "We are very excited about this transaction. The dairy industry, both Canadian and worldwide, is very competitive. This transaction will confirm our leadership position in the Canadian milk industry, for the greater benefit of all of our members-producers and owners."
"This transaction fits perfectly with our growth strategy. It will allow us to better serve our customers and consumers from coast to coast. Thanks to the business related to these assets and the renewal of certain contracts, the acquisition of the plants represents revenues totalling over $400 million and sees us accelerate our growth in the Canadian market," added Robert Coallier, CEO of Agropur.
Sobeys' dairy activities have 281 employees and process more than 160 million litres of milk per year.
The purchase is subject to usual regulatory approvals.
Founded in 1938, Agropur is an important player in the North American dairy industry. With sales of more than $3.8 billion, the Cooperative is a source of pride for its 3,554 dairy producer owners and 6,500 employees. Agropur processes more than 3.4 billion litres of milk per year in its 32 plants across North America and boasts an impressive line of products that includes such prestigious brands as Natrel, Québon, OKA, Farmers, Agropur Signature, Central Dairies, Agropur Grand Cheddar, Sealtest and Island Farms, as well as iögo and Olympic from Ultima Food, a joint venture of Agropur Cooperative.
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