Dairy processor Saputo acquires Morningstar Foods
Canadian dairy company Saputo has acquired Dean Foods subsidiary Morningstar Foods for $1.45bn.
Morningstar produces a variety of dairy and non-dairy extended shelf-life products, including aerosol whipped toppings, iced coffee and value-added milks.
The acquisition is expected to help Saputo gain advantage from Morningstar's national manufacturing and distribution footprint and optimize coast-to-coast service.
It complements the operations of the Saputo Dairy Products Division and will also expand its product portfolio in the US.
The combined entity will have approximately 12,000 employees, 57 manufacturing facilities in five countries and combined annual revenues of around C$8.6bn ($8.72bn).