Saputo Inc. announces today that it has entered into an agreement to acquire the activities of Shepherd Gourmet Dairy (Ontario) Inc. (“Shepherd Gourmet”). Its activities are conducted at one manufacturing facility located in St. Marys, Ontario (Canada). The business employs approximately 90 people.
The purchase price of CDN$100 million, on a debt-free-basis, will be paid in cash from cash on hand and available credit facilities.
Shepherd Gourmet manufactures, markets and distributes a variety of specialty cheeses, yogurt, as well as Skyr Icelandic-style yogurt in Canada. For the twelve-month period ended on April 30, 2018, Shepherd Gourmet generated revenues of approximately CDN$57 million.
The transaction will enable the Company’s Dairy Division (Canada) to increase its presence in specialty cheese and expand its yogurt offering in Canada.
The transaction is subject to customary conditions and is expected to close in June 2018.
After eight years with Nestlé, François-Xavier Roger, executive vice president and chief financial officer (CFO), has decided to leave the company to pursue new professional challenges, making way for finance boss Anna Manz. Meanwhile, Unilever announced that Graeme Pitkethly, CFO, will retire by the end of May 2024, and the hunt is on for his successor.
International spirits company Bacardi Limited has announced the appointment of Alicia Enciso to its board of directors. Enciso joins with more than 30 years of experience with multinational Fortune 100 Companies in the food and beverage sector with roles as general manager, president, chief marketing officer and e-business officer.
According to Innova Market Insights, when it comes to beverages, consumers are willing to pay more for what they value most, despite rising inflation. Additionally, consumers want brands that respond to their core values and have the benefits they seek, such as sustainability and functional ingredients.