Saputo to sell its koroit plant in Victoria, Australia
Saputo Inc. announces today it has entered into an agreement with Bega Cheese Limited to sell its Koroit plant in Victoria, Australia.
The selling price of approximately CDN$244 million (A$250 million) is payable in cash at closing. The transaction is subject to approval by the Australian Competition and Consumer Commission and is expected to close in the second quarter of Fiscal 2019.
This divestiture was required pursuant to the undertaking entered into with the Australian Competition and Consumer Commission in connection with the acquisition of the activities of Murray Goulburn Co-operative Co. Limited completed on May 1, 2018. The Koroit plant currently has approximately 110 employees and generates approximately CDN$234 million (A$240 million) in annual revenues.
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