Condition set by Australia’s regulators for Saputo’s $1.3 billion takeover of the Murray Goulburn Co-operative.
Involves a pricing agreement struck in 2016 that restricts US exports of ultra-filtered milk used to make dairy products.
Says Canada was overly generous by agreeing to the same import quotas for imported cheese.
One manufacturing facility in Belmont, employs approximately 319 people.
Canadian dairy giant raises its stake in the cheese and dairy producer to 98%.
The retirement will be effective Aug. 1, when Lino Saputo will be 80.
Move followed a positive test on one of 70 random samples taken by CFIA.
Dairy producer said it plans to invest about $32 million in other locations over the next two years.
Wants all farmers and employees to sign yearly codes of conduct.
Will increase its presence in the consumer everyday cheese products segment.
Canadian producers fear they won’t be as competitive because European rivals receive generous government subsidies.
Will take “necessary” action short of layoffs and closures to improve profits.
$120 million deal in line with company’s intentions to enter new markets.
180 employees will be affected by the closures.
Montreal food manufacturer to expand its cheese empire with one of the largest milk processors in Australia