MONTREAL—Canada’s largest dairy producer says it has finalized the $1.45-billion acquisition of Morningstar Foods.
Montreal-based Saputo Inc., says it has completed the acquisition of Morningstar a month after it was first announced on Dec. 3, 2012.
Morningstar, which produces dairy and non-dairy extended shelf-life products like creams and creamers, ice cream mixes, iced coffee, whipping cream, aerosol whipped toppings and half-and-half value-added milks, as well as cultured products such as sour cream and cottage cheese, adds to Saputo’s stable of dairy products and snack cakes.
Previously owned by Dean Foods, Morningstar employs roughly 2,000 people at 10 manufacturing facilities in nine states.
According to Saputo, the combined business will have approximately 12,000 employees at 57 facilities in five countries, with combined revenues of $8.6-billion annually.
The company says the deal was financed through a combination of $250-million in cash and a bank loan of $1.2-billion.