Saputo to buy US diary supplier Morningstar
MONTREAL (AP) -- Canadian cheese maker Saputo Inc. will pay $1.45 billion to buy Morningstar Foods, a U.S. company that makes a variety of dairy and non-dairy products such as creams, ice cream mixes, sour cream and cottage cheese.
Saputo said Monday the acquisition will bolster their U.S. presence.
Morningstar has about 2,000 employees and 10 manufacturing plants in the United States. Montreal-based Saputo has cheese, dairy and bakery operations in Canada, the United States and other countries
Following the acquisition, Saputo will have about 12,000 employees and 57 manufacturing plants in five countries.
Morningstar is a subsidiary of Dallas-based Dean Foods, which said that it expects to receive $887 million from the sale after taxes and expenses. It says the money would be used to reduce Dean's debts.
Copyright 2012 The AP.