Saputo to buy segment of U.S. producer Southeast Milk’s dairy business
The Florida-based company's extended shelf-life unit has one manufacturing plant and employs 66 people
MONTREAL—Canadian dairy firm Saputo Inc. is expanding its reach in the U.S. with the acquisition of a piece of Florida-based Southeast Milk Inc.’s business.
The milk and cheese producer said Aug. 31 it has agreed to buy the U.S. company’s extended shelf-life dairy product unit for an undisclosed price.
Saputo released few details about the deal, but said the business segment operates out of one manufacturing facility in Plant City, Florida and employs 66 people. It said Southeast Milk’s extended shelf-life division generated approximately $59 million (US$47 million) in revenue over the past year.
Extended shelf-life products typically consist of products such as cream, creamers, and value-added milks. Saputo said the acquisition will complement its American Dairy Foods Division, which focuses on those products.
The Canadian company expects the deal to close by late September.