Saputo Completes Land O’Lakes Acquisition

Canadian dairy firm Saputo has completed the acquisition of Land O’Lakes West Coast industrial cheese business.

In connection with the transaction, Saputo secured a long term milk supply agreement pursuant to which Land O’Lakes supplies to Saputo approximately two billion pounds of milk annually.

The company said the transaction, announced on February 21, 2007, enables Saputo Cheese Division (USA) to grow significantly in size, establishing a better balancing capability throughout the US.

Land O’Lakes, a national US farmer-owned food and agricultural cooperative, will continue to operate its dairy facility in Tulare, California and its cheese facility in Orland, California.

The operations of Land O’Lakes, which generated revenues of $415 million in 2006, involve the manufacturing, selling, shredding and blending of mostly mozzarella and provolone products.