Cathedral City cheddar and Country Life butter brands owned by Dairy Crest, have agreed a deal worth £975m with Canadian company, Saputo.
Saputo is one of the largest dairy processors in the world, this is the first European deal the dairy firm has done, they said Dairy Crest is an “attractive platform” for growth in the UK.
Lino Saputo Jr, chief executive and chairman at Saputo said, “We believe that under Saputo ownership, Dairy Crest will be able to accelerate its long-term growth and business development potential and provide benefits to Dairy Crest’s employees and stakeholders.”
Stephen Alexander, the chairman of Dairy Crest said, “The acquisition should enable Dairy Crest to benefit from Saputo’s global expertise and strong financial position to fulfil and accelerate its growth ambitions.
“The businesses have strong shared values and the board is confident that Saputo’s plans to invest in and grow the Dairy Crest business mean the proposed transaction is positive for all its stakeholders.”
Dairy Crest employs 1,100 people, including 150 people at their head office in Surrey. The firm said “virtually” all jobs are safe.