Agropur Cooperative reaches agreement for the purchase of Northumberland Dairy Cooperative assets
Longueuil, July 14, 2014
Agropur Cooperative and Northumberland Dairy Cooperative are pleased to announce they have reached an agreement for the acquisition of Northumberland Dairy Cooperative’s dairy and food distribution assets by Agropur. The agreement includes the Miramichi plant in New Brunswick, which processes 27 million litres of milk per year, Northumberland’s distribution centres and its brands. The acquired operations have annual sales totalling $67 million. Northumberland will keep its hardware and building supply operations.
“We are very pleased with this deal,” commented Agropur President Serge Riendeau. “Both the hardware and dairy operations will remain in the hands of cooperatives, a strong economic model that supports community economic development wherever it is present. Agropur plans to maintain its commitment to New Brunswick and the Miramichi area in particular.”
“The dairy industry is increasingly competitive in Canada and around the world,” said Robert Coallier, CEO of Agropur. “The cooperative movement needs to consolidate in order to stay competitive and remain an important player in dairy processing. This agreement will help us maintain our position as an industry leader and enhance our ability to serve our customers coast to coast.”
The transaction is subject to Northumberland members’ approval as well as usual regulatory approvals and other customary closing conditions.
Founded in 1938, Agropur is an important player in the North American dairy industry. With sales of more than $3.8 billion, the Cooperative is a source of pride for its 3,449 dairy producer owners and 6,500 employees. Agropur processes more than 3.4 billion litres of milk per year in its 32 plants across North America and boasts an impressive line of products that includes such prestigious brands and products such as Natrel, Québon, OKA, Farmers, Agropur Signature, Central Dairies, Agropur Grand Cheddar, Sealtest, Island Farms, and the Ultima Foods joint venture’s iögo and Olympic brands.
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