Saputo Completes the Sale of its Bakery Division
MONTRÉAL, QUÉBEC--(Marketwired - Feb. 2, 2015) - Saputo Inc. ("Saputo") (TSX:SAP) completed today the transaction announced on December 18, 2014 and sold Saputo Bakery Inc., its Bakery Division, to Canada Bread Company, Limited, a subsidiary of Grupo Bimbo S.A.B. de C.V.
The selling price of $120 million on a debt-free basis was received in cash at closing.
The Bakery Division produces, markets and distributes mainly snack-cakes in Canada, which are sold almost exclusively in the retail market. It is the largest manufacturer of snack-cakes in Canada and also sells, on a small scale, in the US. The Bakery Division operates one manufacturing facility located in the province of Québec and employs 642 employees. In fiscal 2014, the Bakery Division had approximately $139 million in revenues and represented less than 2% of Saputo's consolidated revenues.
Canada Bread Company, Limited, headquartered in Etobicoke, Ontario, Canada, is a leading producer and distributor of packaged fresh bread and bakery products, operates 16 bakeries, employs approximately 3,800 people across Canada, and serves major grocery chains, retail outlets and foodservice operations.
Saputo produces, markets, and distributes a wide array of dairy products of the utmost quality, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients. We are one of the top ten dairy processors in the world, the largest in Canada, the third in Argentina and the fourth in Australia. In the US, the Company ranks among the top three cheese producers and is one of the largest producers of extended shelf-life and cultured dairy products. Our products are sold in more than 40 countries under well-known brand names such as Saputo, Alexis de Portneuf, Armstrong, Baxter, Dairyland, Dragone, DuVillage 1860, Friendship, Frigo Cheese Heads, Great Midwest, King's Choice, Kingsey, La Paulina, Milk2Go, Neilson, Nutrilait, Ricrem, Salemville, Scotsburn, Stella, Sungold and Treasure Cave. Saputo Inc. is a publicly traded company whose shares are listed on the Toronto Stock Exchange under the symbol "SAP".
Media and Investor Relations
Director, Corporate Communications