MONTREAL – Saputo Inc. announced Monday that it has completed the acquisition of a major company in Australia, buying Lion Dairy & Drinks for $249.5 million.
The specialty cheese company operates in two plants located in Burnie and King Island, Australia and has approximately 400 employees.
Last year, Lion Dairy & Drinks generated revenues of approximately $ 171.1 million.
Saputo Inc. says the acquisition will encourage its Australian dairy division to diversify its product, while enhancing and complementing existing operations.
The Montreal company first made a breakthrough in the Australian market when it bought Warrnambool Cheese & Butter.
That $ 1.3 billion offer was accepted in April 2018.
