Recent Margin Pressures Highlight the Largely Commodified Environment in Which Saputo Operates
Narrow-moat Saputo announced its acquisition of Dairy Crest, a United Kingdom dairy producer, for GBP 6.20 a share, or around GBP 975 million in aggregate (approximately CAD 1.7 billion), a 12% premium to the last closing price and a 34% premium to the 90-day volume-weighted average price. The deal, which is expected to close in the second quarter of calendar 2019, should enable Saputo to expand its international presence, marking its first foray into the U.K. market. We posit that acquiring an ...Saputo produces, markets, and distributes an array of dairy products including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients. Co.'s products are sold in several countries under brand names such as Saputo, Alexis de Portneuf, Armstrong, COON, Cracker Barrel*, Dairyland, DairyStar, Friendship Dairies, Frigo Cheese Heads, La Paulina, Milk2Go/Lait's Go, Neilson, Nutrilait, Scotsburn*, Stella, Sungold, Treasure Cave and Woolwich Dairy. Co. operates its business through three sectors, the Canada Sector, the USA Sector and the International Sector.
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