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MONTRÉAL – Canadian cheese and dairy giant Saputo Inc. sold one of its production plants in Australia to its local competitor Bega Cheese for $ 244 million
. when it approved the $ 1.3 billion takeover of Murray Goulburn Cooperative by Saputo,
Keeping the Koroit factory would have allowed Saputo to control more than two-thirds of the country's dairy processing, which concerned the Australian Commission for Competition and Consumers. Saputo indicates that the sale of Koroit's facilities is subject to commission approval and is expected to close in the second quarter of fiscal 2019.
The Koroit plant employs nearly 110 employees and generates an annual income of $ 234 million.
Founded in 1954 and having more than 12,000 employees, Saputo has been present in the Australian dairy market since 2014, date of the acquisition of Warrnambool Cheese & Butter
Companies in this story: (TSX: SAP)
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