Saputo Inc. completed the transaction to acquire Morningstar Foods, LLC, a subsidiary of Dean Foods Company. The purchase price of $1.45 billion ($ US) was financed through a combination of $250 million in available cash and a new bank loan of $1.2 billion.
Morningstar has about $1.6 billion ($ Canadian) in annual revenues, approximately 2,000 employees and operates 10 manufacturing facilities located in nine states. The combined business will have approximately 12,000 employees, 57 manufacturing facilities in five countries and combined annual revenues of approximately $8.6 billion ($ Canadian). The acquisition of Morningstar complements the activities of the Saputo Dairy Products Division (USA).
IUF affiliated Teamsters officers put up a comprehensive report on what Saputo looks like in the US after the merger.
Please find the report here.