83rd Annual General Meeting: new period of disciplined growth for Agropur
February 9, 2022 – Agropur held its 83rd Annual General Meeting today. Bolstered by its improved results and financial position, the Cooperative is now looking ahead to a phase of disciplined growth.
“Today, Agropur is a more profitable cooperative that posts better results, carries less debt and is poised to embark on a new phase of disciplined growth,” said Roger Massicotte, President of the Cooperative, to some 375 members who were gathered virtually.
The dairy partner of choice for the food industry
“Our goal is for our growth to be strategic and targeted so that we can continue to post robust financial results,” added CEO Émile Cordeau.
The Cooperative is a leading business-to-business (B2B) expert. In fact, more than three-quarters of the Cooperative’s business volume comes from its operations as a supplier/partner to retailers (private labels), food services (hotels, restaurants, institutions) and the industrial sector (food processors). Going forward, we will leverage our success as the food industry’s key dairy partner.
Results in Canada that exceeded expectations
Agropur owes its positive performance to improved profitability in Canada. Effective cost control measures and higher volumes in product categories like cheese contributed to these results.
In the United States, the Cooperative’s performance was in line with expectations as prices were stabilizing in the market.
In the past 18 months, the Cooperative reduced its debt load by $1.1 billion, a 45% decrease. The Cooperative can now once again distribute cash to members.
Sustainable development
In 2021, Agropur joined the Sustainable Dairy Partnership, signing on to a five-year sustainability plan. The Cooperative also supports the global Pathways to Dairy Net Zero movement, which was launched in the fall of 2021 to accelerate climate change action throughout the dairy industry.
About Agropur
Agropur has been a leader in the North American dairy industry since 1938. With over $7.3 billion in sales in 2021, the Cooperative is a source of pride for its 2,908 members and 7,550 employees who work together in pursuit of a shared goal: “Better dairy. Better world.” Agropur has 31 plants across North America. It is a major supplier of products to the retail, food service and industrial sectors and offers an impressive roster of brands to consumers. agropur.com
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For more information:
Mylène Dupéré
Vice President of Corporate Communications
514-833-7880