Canadian dairy giant new owner of Burnie and King Island dairy plants
Dairy giant Saputo has added iconic Tasmanian cheese brands and two processing plants to its inventory.
Tasmania
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CANADIAN dairy giant Saputo has completed its $280 million takeover of Lion Dairy and Drinks adding iconic Tasmanian cheese brands and two processing plants to its stable.
Saputo already operates a milk processing plant at Smithton in Tasmania’s North-West.
The new takeover deal sees it acquire Lion’s facilities at Burnie and on King Island.
Those plants employ about 400 people.
Saputo already has an Australian inventory including Coon, Cracker Barrel, Devondale and Sungold.
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Saputo said the acquisition of Lion would allow it to further diversify its product offering.
“We are delighted to have successfully acquired the specialty cheese business of Lion Dairy and Drinks. As we now expand out network and product offering, we also welcome approximately 400 employees and a new group of milk suppliers to Saputo,” CEO Lino A. Saputo Jnr said as the deal was finalised today.
The ACCC gave the takeover the green light earlier this year after initial concerns about the impact the acquisition would have on Tasmanian dairy farmers and the milk prices paid.
The competition watchdog will be watching for any more concentration in the Tasmanian dairy sector, however.
Originally published as Canadian dairy giant new owner of Burnie and King Island dairy plants