Wisconsin Ag Connection - Alto Dairy Sale to Saputo Cheese USA Now Final

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Alto Dairy Sale to Saputo Cheese USA Now Final
Wisconsin Ag Connection - 04/04/2008

Just over a month after the board of directors at Alto Dairy unanimously approved the sale of the Waupun-based cooperative to Saputo Cheese USA, the two companies now confirm that the deal is sealed. This week, the Canadian cheesemaker Saputo announced it has closed on its purchase of Alto Dairy for $160 million in cash. The total consideration was paid on a debt-free basis in cash by drawing on available lines of credit. The transaction expands the Saputo Cheese Division and represents a major step in its goal to achieve a stronger presence in the United States. Montreal-based Saputo acquired Schneider Cheese Inc. in Waldo in 2005.

Company officials say Saputo has extensive dairy experience with facilities in Canada, Argentina, Germany, United Kingdom and across the United States, which will help Alto Dairy's manufacturing facilities grow in the future. The firm says the 'Alto deal' is part of a strategic orientation that will help them expand in the U.S. market.

Saputo is one of the top 20 dairy processors in the world, the largest dairy processor in Canada, among the top five cheese producers in the United States, the third-largest dairy processor in Argentina and the largest snack-cake manufacturer in Canada. They have 15 plants in the United States, including in Wisconsin and California. Alto plants are located in Waupun and Black Creek, where they employ over 465 workers.

Alto Dairy is a 114 year-old cooperative owned by the dairy farm families who supply it with milk. They have won many awards for its American- and Italian-style cheeses.

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