MONTRÉAL, April 02, 2023 (GLOBE NEWSWIRE) — Saputo Inc. (we, Saputo or the Company) JUICE announces today that it has entered into a definitive agreement for the sale of two fresh milk processing operations in Laverton North, Victoria and Erskine Park, New South Wales to Coles Group Limited, an Australia-based supermarket, retail and consumer services chain, in the transaction im Value of approximately CAD 95 million (AUD 105 million).

The transaction is subject to customary conditions, including the approval of the Australian Competition and Consumer Commission, and is expected to close in the second half of calendar 2023.

In line with the company’s global strategic plan, this proposed divestment will enable Saputo to further streamline its operating model, adapt its manufacturing network to enhance market competitiveness and allow it to reinvest in businesses that are growing to more value creation opportunities will result.

“We are continually working to ensure we have the right manufacturing base and product offering to enhance our position as a high-quality, cost-effective converter,” said Lino A. Saputo, Chairman, President and CEO. “This is an important step in realizing our long-term vision for success in Australia as we continue to have a strong focus on efficiency to ensure we maximize the return on every liter of milk.”

About Saputo

Saputo manufactures, markets and distributes a wide range of dairy products of the highest quality, including cheese, liquid milk, extended shelf life milk and cream products, cultured products and dairy ingredients. Saputo is one of the top ten dairy processors in the world, a leading cheese maker and liquid milk and cream processor in Canada, and the leading dairy processor in Australia and Argentina. In the US, Saputo is among the top three cheese makers and one of the largest producers of long-life and cultured dairy products. In the UK, Saputo is the largest producer of branded cheeses and a…